The Benefits Of Establishing Trusts
Although dying intestate (without a will) is to be avoided, resulting as it does in the delays and costs of probate, having a will involving a large estate presents the same difficulties. Mr. Gould is well-equipped to create trusts that will ensure that money is available quickly to those you wish to protect. In addition, a trust can protect a beneficiary who is irresponsible with money because he or she is a minor, psychiatrically disabled, or addicted to gambling. In any of these situations, a trust can keep the individual from receiving inherited funds as a lump sum. Instead, you will be able to appoint a trustee to dole out money to your beneficiary in a disciplined manner.
The types of trusts Rodney Gould can help you establish include:
- Revocable trusts (also known as living trusts)
- Irrevocable trusts, such as charitable trusts, trusts for minors, and spendthrift trusts
- Testamentary trusts
- Qualified Terminable Interest Property (QTIP) Trusts
- Qualified Personal Residence Trusts (QPRT)
- Special needs trusts
- Generation-skipping trusts
- Pet trusts
Each type of trust serves a different purpose. Mr. Gould will create the trusts you and he decide will be beneficial to you and will make sure each is well-structured and legally binding.
Specifics Of Estate Planning Handled By The Law Office of Rodney Gould
Rodney Gould is well-prepared to deal with any financial matter involved in your estate planning. He will guide you through processes that best suit your needs, including:
- Preparing a will
- Dealing with insurance proceeds
- Establishing retirement funds
- Determining which of your assets are community property
- Assisting in probate procedures
- Creating various types of trusts to avoid probate
- Preparing a durable power of attorney, advanced health care directive and HIPAA release
- Creating an effective business succession plan
Each of these documents has a place in arranging for potential future occurrences. When it comes to estate planning, it is always better to be safe than sorry.
How Rodney Gould Assists in Probate Procedures
Rodney Gould is happy to help you navigate probate procedures. If you are in the role of estate administrator (executor), your duties include collecting the decedent’s assets and paying creditors to settle the estate. You are also tasked with distributing the remaining assets to heirs or other beneficiaries according to the deceased person’s wishes. These duties are not always simple, particularly if the estate is substantial, which is why it is a good idea to have an accomplished probate attorney, like Rodney Gould, at your side.
Be Aware Of California Laws
While there is a great deal of free will inherent in working with a highly capable estate planning attorney like Rodney Gould, it is important that you be aware of certain legal restrictions to your estate planning decisions. If you reside in California and are married, for example, your home is considered community property and your surviving spouse will inherit it in its totality upon your death. Also, in California, if you wish to make a caregiver one of your beneficiaries, you must consult a lawyer who will testify to the fact that the caregiver is not exercising undue influence over you as you make this decision. A third California law to be aware of is that your electronic accounts are inviolable unless you make provisions to the contrary. Even if you decide to give your executor or someone else all of your log-in information and passwords, your attorney has to be informed that you are permitting this person to access your accounts.
Why You Should Do Your Estate Planning With The Law Office of Rodney Gould
If you want personalized service by someone wise to the ways of estate planning, Rodney Gould is the estate planning attorney for you. When you come to him, as the lead attorney of his practice, he will give you responsive, individualized counsel. He will provide you with clarity concerning the complex issues to be handled. More than that, because life is full of changes – a new baby, a new business, a death in the family, an inheritance – he will review your plans with you on a regular basis to make sure they remain current. Estate planning with the Law Office of Rodney Gould will not only stabilize your future but will also be an easy and pleasant experience.
You can connect with us by calling us or by filling out one of the contact forms on our website.
We proudly represent clients throughout the greater Los Angeles area, including Beverly Hills, West Hollywood, Studio City, Sherman Oaks, and as far as San Francisco, California.