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PRACTICE AREAS
PROFESSIONAL LEGAL ADVICE
WITH A PERSONAL APPROACH
We specialize in legal consulting on inheritance, gifts, business succession,
and other related matters, including estate planning.
> 10,000
Legal Consulting
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> 30 yrs
of Experience
Estate Planning means planning for arrangements to give one’s assets as estate and gift before his/her death(when he/she is in a stable status to make a decision). In other words, estate planning is a process to facilitate the transfer of one’s estate to a desirable beneficiary or inheritor—which includes a process of establishing a living trust before death.
TYPES OF TRUSTS
Revocable Living Trust
As a trust that can be corrected before one’s death, a revocable living trust is often called a living trust. Its purpose is to manage assets and distribute them after the grantor’s death, and it can be directly managed by the grantor before death. It is used when providing assets to a beneficiary without a notarization of one’s will. The grantor can instruct a successor trustee to manage the assets and their distribution when his health is not stable enough for everyday life or after his death.
Irrevocable Living Trust
An irrevocable living trust is a trust that can never be corrected once it is established. Since it cannot be corrected after its establishment, usually, it is made to give assets as “a gift” to a beneficiary. The assets arranged as a gift are excluded from the subject of estate taxation after the grantor’s death.
Charitable Planning
It is an estate plan to maximize tax benefits by donating assets to charity or nonprofit organizations, and its purpose is to contribute to society. This plan may include establishing a nonprofit organization, founding an incorporated association, setting up a trust in a charity, or donating life insurance benefits.
Special Needs Trust
It is a procedure to maintain assets and financial support for those who are in special need because of their physical or mental disability. In this case, since the beneficiary has been receiving governmental support, this plan enables to continually get governmental support or benefit and help the beneficiary to inherit the grantor’s assets.
Trust Amendments
Trust Amendments refer to a process of changing or correcting a living trust that is already established. It is a process to correct and update living trust documents by adding new terms or conditions through a professional legal consultant when the terms of a living trust needs to b eupdated according to changes in life or asset status.
Gifting
Gifting means giving a beneficiary the entire or some part of assets as gifts before the grantor’s death. It focuses on simplifying taxes related to gifting, and legal advice will be provided to protect and manage the gifted assets. Gifting is regarded as an important strategy in estate planning. It should be decided with a consideration of the scale of assets and taxes and family members’ requirements.
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