To Set Up Living Trusts In Solano, California, A Specialty Team Helps Senior Citizens Avoid Trust Scams
Solano County’s Financial Abuse Specialist Team helps senior citizens avoid trust scams, especially “trust mills” that claim to be offering revocable trust plans when they are really selling insurance and unnecessary annuities.
The California Advocates for Nursing Home Reform says that with trust mills, the elderly seldom benefit financially and can actually lose a substantial amount of their resources and access to remaining funds when purchasing annuities from such companies.
When wishing to set up a trust, there are a number of recommendations for the elderly that Iowa Senator Chuck Grassley, former Chairman of the Senate Special Committee On Aging suggests, including:
• Choose a financial planning advisor carefully.
• Ask first for a written list of credentials.
• Call references.
• Talk to several experienced estate planning attorneys licensed in your state about the anticipated cost of drafting a will, living trust, or other estate planning documents. Ask, too, about how much probate costs and how long it takes.
• Don't do business with someone if their attitude or answers to your inquiries make you uncomfortable - look for another financial planner.
• Before creating a living trust, review the amount and type of assets that you have and decide how you want your assets distributed.
• Take your time to decide what are the best financial planning tools for your circumstances. Don't let the urgency to grab a "special limited-time offer" prevent you from carefully reviewing all your options.
• You must fund a living trust by transferring money or property to the trust to make the document effective. These continue to be counted as your assets.
• Be aware of the personal liabilities that may be imposed on the trustee when distributing the trust assets after your death, including federal estate taxes and state inheritance taxes.
Revocable Living Trust
A living trust is a written legal agreement between a person setting up a trust and the institution or individual (known as the trustee) that has been designated to manage the trust and its assets. While they are alive and competent, the person setting up the trust (known as the trustor, settlor, or grantor) can revoke or revise their trust at any time. Initially, a trustor may also elect to make themselves the trustee on the living trust until they are no longer able to fulfill the role.
Our estate planning attorneys at Sagaria Law, P.C. can help you set up a living trust. We represent clients in Monterey County, Alameda County, Santa Clara County, and the surrounding areas. Contact Sagaria Law, P.C. today to set up an appointment for your free, no obligation consultation.
Team helps seniors avoid trust scams, Times-herald.com, December 29, 2006
Related Web Resources:
Living Trust, State Bar of California
Living Trusts, Nolo.com
Bookmark: 
