7 Great Non-Tax Factors For Developing a Trust

From an Estate Planning In Temecula

Contrary to popular belief, the requirement for a living trust is not tied directly to your level of wealth, although upscale people usually are more inclined to establish a trust, or various trusts, for a variety of reasons. The requirement to develop trust is more generational, based upon the basic fact that life has only gotten more complicated. Make sure to consult with a highly qualified trust attorney, someone like Temecula Estate Planning Law to help you get started.

So here are seven non-tax reasons to establish a trust
according to a Temecula Estate Planning Attorney:

a Trust helps prevent the dreded propate process and probate court1. Avoiding probate procedures so that your successors can quickly transfer properties of a decedent with privacy and at a reduced cost.

2. Safeguarding beneficiaries from depleting their inheritance by staggering distributions over many years or upon the accomplishment of specific turning points, such as finishing from college.

3. Offering disabled recipients, and beneficiaries with drug abuse problems. A trust can permit a disabled recipient to keep their eligibility for government advantages and can prevent a recipient with substance abuse issues from using their inheritance to sustain their dependency.

4. Control how your possessions will be given through younger generations by ensuring your estate is passed down through your bloodline and not to your in-laws or surviving partner’s brand-new partner.

5. Lender protection for your heirs from their creditors, or ex-spouses in the event of a divorce.

6. Consolidation of assets throughout your lifetime, which allows for effective management in case of a special needs and upon your death.

7. Planning for a blended household, when you remain in a 2nd marriage and have your kids, step-children, and perhaps, our A trust can ensure that your spouse and that all of your kids will be taken care of after your death.

Be rest assured recording a living Trust is fundamental to proper estate planning

Many people fear they will lose control of their possessions by developing a trust. This is just not the case, as most trusts do not include utilizing a bank or trust company as a trustee. The majority of customers who produce a trust function as their own trustee during their lifetimes and will name a child or other relative as their successor trustee.

Eventually, estate planning and establishing a trust is about keeping control, so that your assets pass to whom you want, when you desire, at the least expense, and in the most effective manner.

Are Storage Units Right for You

You have stuff and need somewhere to stash it, are storage units the answer? Maybe you are staging or remodeling your home or are moving to a new one. Maybe you’re combining, dividing or downsizing your household because of marriage, divorce or an empty nest. You may need to leave your residence between college semesters, between jobs or because of a natural disaster. You may have accumulated too many belongings on your own or inherited a loved one’s. Perhaps you have a thriving eBay business. In any case you should speak to the storage units experts in Kalispell Mt. Truman Storage knows how to help!

Truman Storage Units in Kalispell MontanaAnd so, if yours is like nearly one-tenth of U.S. households, you turn to self-storage, aka mini storage. Before you make the commitment, read this three-part series to find out how to get the right off-site storage for your needs and how to protect yourself and your things. After all, if they’re worth storing in the first place, you wouldn’t want to lose your treasures without any recourse or see them auctioned off on Storage Wars.

 

The First Step

Before you even start contacting storage facilities, be honest with yourself about why you are holding on to the stuff and what it’s worth. Does it bring you joy, in the words of de-cluttering guru Marie Kondo, pictured? Or are you delaying a bunch of emotional decisions that you have no reason to believe will get easier with time? Would you rather have your things or the money you’re going to spend on storage and insurance? Will your heirs want the items and, if so, could you pass them on sooner rather than later?

Give serious consideration to possible alternatives to off-site storage. Can you donate things to charity in exchange for a tax write-off? Can you scan any photos or toss any documents? Would it make sense to buy a backyard shed?

Types of Storage Units

The next step is to consider the kinds of storage available.

Full-service move-and-store companies. In the U.S., the business of moving and storing household goods began with Bekins Co., founded in 1891 in Iowa to provide relocation services by horse and wagon (and still around today as Bekins Van Lines). In 1906, it opened the industry’s first reinforced steel-and-concrete storage warehouse, in Los Angeles. Bekins and other full-service companies do it all: professionally pack, load, move, store, deliver and unpack, all while shouldering the bulk of the responsibility for their customers’ goods.

Self-storage Units

For a generally more DIY, accessible, flexible and economical (at least in the short term) storage solution, there is self-storage. In 1964, oilman Russ Williams and his stepson, Bob Munn, built what’s regarded as the first modern self-storage facility, in an industrial area of Odessa, Texas. The 30-by-100-foot structure of cinder blocks and corrugated steel was divided into garage-like units, each with an overhead door. A-1 U-Store-It U-Lock-It U-Carry-the-Key became the model for the rows and rows of windowless, single-story self-storage facilities that popped up on the outskirts of towns across the country — at a rate of 3,000-plus annually from 2000 to 2005. As the original’s name implies, at these places, the customer usually assumes responsibility for everything.

Portable storage. The late 1990s saw the rise of portable storage. These companies, like PODS, drop off a container, flatbed truck or trailer at your house for you to load at your leisure. The unit can stay on your property (depending on local ordinances), get taken to an interim storage facility or be brought right to your new home. There are a few considerations, however. This option may not work if your house is on a steep hill. Street parking may be prohibited or require a permit. Parking the unit in your yard could damage your lawn. If you live in a condo or an apartment, you may need permission from your homeowners association or landlord to have it parked outside. Keeping the unit outside will subject it to extremes in temperature. If you have the unit transported, you’ll need to secure the items inside.

Valet storage. The latest innovation in the industry is technology-enhanced valet storage. Venture dollars are flowing to companies like Clutter, MakeSpace and Trove, which let you schedule pickups and deliveries of even just a box or two and keep track of your stuff with their handy apps. Clutter, for example, photographs and applies a unique bar code to each item to make it easy to retrieve whenever you request it.

Self-Storage: A National Pastime

Market research firm IBISWorld estimates that self-storage alone earns $38 billion annually in the U.S. The national Self Storage Association reports that there are about 52,000 facilities in this country — nearly as many as all the McDonald’s (36,000) and Starbucks (24,000) in the world combined — and that 9.4 percent of U.S. households rented self-storage in 2017. Although self-storage has been a particularly American phenomenon, it’s becoming more common in other parts of the world, including Asia.

It’s also getting fancier. New self-storage buildings are more likely to be closer to the center of town, multistory and designed by architects. Some mix storage with retail or housing. Others offer specialized storage for things like vehicles, wine, clothing and documents.

Standard Sizes of Storage Units

If you’ve decided to go with self-storage, you need to figure out how much space you need. Unit sizes are usually given in two dimensions. Common sizes are 3 by 3 feet (often called storage lockers), 5 by 5 feet, 5 by 10 feet, 10 by 10 feet, 10 by 15 feet and 10 by 20 feet. Ceiling heights vary; standard units are 8 feet high, while storage lockers tend to be 5 feet or less. Vehicle storage that can accommodate RVs and boats is typically 14 feet wide and up to 40 feet deep and 16 feet high, according to Inside Self-Storage.

Think about your belongings in three dimensions, perhaps envisioning them stacked up in a corner of a room. Some companies provide a size estimator chart, such as the one pictured, to help you visualize how much a particular unit can hold. Others offer an online storage calculator. You enter the quantity of each type of item, and it figures out the best size for your needs.

Average Costs of Storage Units

Units typically rent month to month. The rate depends on size, amenities, facility location and unit location within the facility, as well as the local supply and demand and the time of year. According to SpareFoot.com, a marketplace for finding and reserving storage, the national average for the most popular size, 5 by 10 feet, is $63 a month. The second most popular size, 10 by 10 feet, averages $96.09 a month. SpareFoot.com also lists the average cost per square foot of storage for 200 U.S. cities in 2016. San Francisco had the highest rate at $2.63, while Montgomery, Alabama, had the lowest rate at 64 cents a square foot. The national average was 97 cents a square foot.

Self-storage owners bank on tenants who put off emptying their units. According to the most recent survey from SpareFoot.com, most tenants stay longer than they plan to, with the average rental period at just under nine months. “It’s work to get your stuff out, so people procrastinate,” says Alexander Harris, SpareFoot.com’s web editor. “Also, home renovations can take longer than expected.”

How to Save Money On Storage Units in Kalispell Mt.

Truman Storage
3456 US-2, Kalispell, MT 59901
(406) 758-0299

Shop around and get several estimates. To economize, consider picking a facility that’s a little farther out of town or a unit that’s a few more steps from the elevator, provided you don’t need frequent access to your items. If possible, rent during the fall and winter, when fewer people are moving. “Peak season is May through September, which is when you’ll pay the most,” Harris says.

Pay only for the size and amenities you really need. Ask about special promotions or discounts for the military, students, seniors or members of organizations like AAA, or for committing to several months at a time. See if your homeowners or renters insurance already offers off-premises protection for personal possessions and what the limits are.

Do your research. Check the facility’s record with the Better Business Bureau and online review sites. Members of the Self Storage Association promise to stick to a code of ethics, but there is nothing nationally that specifically regulates the self-storage industry.

Remember to give Truman Storage in Kalispell Montana
a call to save money on your storage units!

Sticky post Trust Fund and Probate – Navigating the Inheritance Talk with Your Kids

After some research I consulted with a specialist on the topic, Steve Bliss a San Diego probate Attorney described it like this.

Even more, numerous parents of considerable wealth either do not want to give their kids a sense of entitlement or simply do not want to discuss their wealth with their children. In spite of these issues, moms and dads typically prevent going over the problem of inheritance with their children.

      When you initially start your estate planning, figure out when your kids are ready to understand. Kids may not be able to process exactly what an “inheritance” entails. Nevertheless, older kids might be ready to know that their moms and dads have actually put away loan for their future. At this phase, parents might desire to introduce the broad principle of inheritance while reminding the kid of the worth of his/her own difficult work. For instance, let them know that loan has been set aside particularly for them in order to spend for college and any other education they prefer.

     A child’s character might identify how a parent may prepare to hold and administer the assets after they have passed away. Some moms and dads pick to put their possessions into a Trust where the kid has liberal ability to tap into the Trust.Other moms and dads opt to restrict what their kid can ask for. In any case, it is necessary to notify for a parent to prepare their kid as to what they can expect. Equally essential is for the parent to be clear as to exactly what is expected from the kid– obligation, charitableness, self-respect, work ethic, and so on. Not going over these concerns, or waiting too long to do so, can create problems in between moms and dad and child such as reliance, mistrust and confusion. The language within the Trust itself might assist the conversation. Moms and dads can structure a Trust to just pay out to the kid at specific ages or upon particular life occasions (such as graduation from college).

     The milestones themselves might stress a moms and dad’s worth of particular life occasions. A structured Trust, a proficient Trustee, and a discussion between parent and kid are the very best preparations to continue a family’s legacy. A prepared and well-informed heir turns out better in the long run for both the parents and the kid.Here is their Information on Finding Steve Bliss, do yourself a favor and call him as soon as possible to conserve you headaches in the realm of Probate or Estate Planning.

He has done wonders for us and I am sure he will do the exact same for your household.

3914 Murphy Canyon Rd. Suite A202
San Diego, CA 92123
Ph: (858) 278-2800
Fax: (858) 268-8664

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