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Wealth Management

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Santa Monica Wealth Management Lawyer

Experienced Los Angeles Succession Planning and Trust Attorney

Wealth management is the process of managing assets in such an effective way as to avoid unnecessary taxes, preserve assets, and ensure their passage to future generations. There are several wealth management options available, including various types of trusts and durable powers of attorney. These various options serve a different purpose and have advantages and limitations depending on a person's needs and short- and long-term financial plans.

The attorneys at Cooper-Gordon LLP have been helping people throughout the Los Angeles area with their estate planning and family law needs for more than 30 years. We can discuss the various trust options for your situation to help determine which type of trust is right for you.

Call us at 800-561-6322 to arrange for a consultation at a reduced rate.

Trusts and Wealth Management

Wealth management options include setting up a durable power of attorney, borrowing against an estate, hedge funds, mutual funds and more. An attorney can help determine which, if any, of these options are best for your situation. The most common wealth management option is a trust.

All trusts fall under two major categories, revocable trusts (also called Living Trusts ) and irrevocable trusts. Living Trusts take effect immediately upon completion. They generally serve two purposes. First, they allow for informal administration of the Decedent's estate. Most of the time, formal Court administration (commonly known as "probate") can be avoided. For married couples, Living Trusts may also provide the additional advantage of saving on estate taxes.

Further, Living Trusts allow for the appointment of a successor Trustee to manage a person's assets in the event he or she becomes disabled or incapacitated. The Trust can be modified during the trustor's lifetime, according to his or her changing needs. Irrevocable trusts are beneficial for Medicaid and tax planning. The trustor takes assets out of his or her name and puts them under the trust.

A living trust is just one example of a wealth management tools. Other types of trusts available include:

  • Special Needs Trusts: A Special Needs Trust, also called a Supplemental Needs Trust, provides for the care of someone with a disability without disqualifying him or her from government benefits.
  • Life Insurance Trusts: A Life Insurance Trust transfers the proceeds the owner receives from his or her policy into a trust upon the owner's death. This prevents the survivors from having to pay an estate tax on the insurance policy, which can save thousands of dollars.
  • AB and ABC Trusts: These trusts automatically transfer a deceased spouse's assets in order to prevent estate taxes. AB Trusts protect against federal estate taxes, while ABC Trusts defer both federal and estate taxes until the surviving spouse's death.
  • Charitable Giving Trusts: There are several types of Charitable Giving Trusts. Some give the property to a beneficiary and the financial assets to a charity, and vice versa. Others give both the property and financial assets to a charity. We will help determine which type of Trust matches your goals.

When a person decides to establish or add to their estate plan, it is important to consider all the factors relating to his or her finances. Our firm looks at our clients' financial goals. We consider their current assets and consider how they want to distribute them to heirs. We also factor in any charities or religious organizations they would like to donate to upon their death. Based on these factors, we help establish or modify estate planning tools in a way that achieves their wealth management plan.

Contact Us

For a consultation with a Santa Monica wealth management lawyer at Cooper-Gordon LLP, call us at 800-561-6322, or contact us online. We offer initial consultations at a reduced rate.