Estate Planning serves various purposes. Basic estate planning ensures that your estate will not be subject to probate. It also provides protection for your minor children when you are unable to take care of them due to unexpected circumstances. More advanced planning provides you with strategies which can save or eliminate high estate tax so that your estate will not be hastily liquidated upon your death.
Yujin Park, Esq.
Yujin Park was born in South Korea. She attended the distinguished Ewha Women University and came to California to complete her studies where she received a Bachelor of Arts degree in Political Science with Honors from Cal Poly Pomona. Ms. Park earned her Juris Doctor from Southwestern Law School. During Law School, Ms. Park worked for various law firms, gaining invaluable experience in civil litigation.
In 2008, Ms. Park was admitted to the California State Bar. In the same year, she was also admitted to the 9th Circuit. At Han & Park Law Group, Inc. Ms. Park represents clients in various estate planning & probate related matters including living trust set-up, estate/gift tax saving, asset protection, charitable giving, business formation, establishing private foundation & non-profit organizations, probate and others.
As a Korean-American attorney, both fluent in Korean and English, Ms. Yujin Park is able to assist Korean speaking clients as well as English speaking clients. Ms. Park enjoys writing estate planning columns on Korea Times or Korea Daily. In addition, she often appears on radio as a guest speaker for Estate Planning & Probate topics.
Types of Trusts in California
People often create estate plans during their lifetime. Doing so allows them to prepare for what will happen to their assets when their life is over. One way this can be done is by setting up a trust. The person who creates a trust is called a trustor, while the person receives it is known as the beneficiary. A trustee is a person who handles the trust for the beneficiary. The trust itself is essentially an arrangement that gives a trustee the right to manage the assets on behalf of the beneficiary.
Revocable Living Trust
Revocable living trusts have become the main documents used by California homeowners to avoid their homes going through probate upon their death. Normally, mom and dad (who created the living trust), are the trustees of their revocable living trusts.
Irrevocable Living Trust
An irrevocable trust is created to reduce taxes and avoid probate. When you set up an irrevocable trust, you lose all ownership incidents, but this also takes the assets in the Trust off your taxable estate. The income produced by investments in an irrevocable trust is not subject to personal income tax.
Irrevocable Life Insurance Living Trust
An ILIT (pronounced “eye-lit”) is a type of trust that it is funded during your lifetime with one or more life insurance policies. It is irrevocable, which means that once you create an ILIT the trust generally cannot be changed or revoked; the terms of the trust agreement are pretty much set in stone.
Special Needs Trust
A Special Needs Trust (SNT) allows for a disabled person to maintain his or her eligibility for public assistance benefits, despite having assets that would otherwise make the person ineligible for those benefits. There are two types of SNTs: First Party and Third Party funded.