As you create your estate plan in Orange County, you have many options to consider. Living trusts are often used to hold assets when the creator of the trust wants to avoid probate, minimize taxes, and maintain a greater amount of control over how and when the estate assets are transferred to beneficiaries. For owners of family business interests, living trusts can be especially useful. An experienced Orange County trust attorney can review the facts and circumstances surrounding your business to determine whether a living trust is right for your estate.
The following are examples of some of the benefits of using a trust for family business interests who are creating an estate plan:
- The living trust can give the owner of the family business the ability to retain control over the business.
- The trust can dictate the circumstances under which the ownership of the business interest is transferred to the beneficiaries. For example, if a beneficiary is a minor, ownership would not be transferred until a later point.
- A living trust can help to avoid delays caused by probate court oversight during the administration process.
- The trust can be used to prevent ownership of the business from passing to an undesired third party, such as a spouse or former spouse of a beneficiary.
- The trust can outline which assets should be used to pay the expenses of estate administration, including taxes. This could mean including provisions that call for other assets to be used rather than the business interests.
- A trust can potentially be used to minimize taxes.
- A living trust allows someone to step in and control ownership of the business interest in the event that you become incapacitated.
For more information about estate planning for business owners, contact the knowledgeable Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC. Call our office today at (714) 459-5481 for a consultation.