The following is an excerpt from an interview with Michael I. Burstein, Esq. Lunch on October 7, 2009 at Hermosa Beach, California, and was charged with Burstein Law Firm:
Tony: Thank you for taking lunch with me today. So, when did you practice the law at CA?
Michael: In December, I have a California lawyer for 22 years. Since 1992, I have focused on real estate planning, real estate management, and will.
Tony: We noticed that there are an increasing number of people who use shoulder at home with Family Trust. What are the benefits of doing this? Is there a drawback to doing this?
Michael: One of the main reasons for clients to live trusts (or family trusts) is that it avoids verification. However, the trust avoids verification only for assets re-marked with the name of the trust. If we can not rephrase an asset, especially a part of real estate under the name of a trust, the asset may be fixed.
Therefore, many houses, and other types of real estate are owned by living trusts. Other means of holding titles include limited liability company (LLC), family restricted partnership (FLP), co-owner, community property, and individual's name.
Tony: What do I need to make a family trust?
Michael: Most living trusts (or family family trusts) are made by lawyers. It is not legally required to legally request lawyers, I have worked with more than 3,000 families, but I have never asked a question before.
If a trust is created by an individual or with the help of software, the possibility of a trust taking a lawsuit is very high. It reminds me of the old word "penny wise, pound stupid".
Tony: Is the family trust the main element of real estate planning, or are there additional concepts that you recommend?
Michael: The living trust is virtually the foundation of all real estate planning. Depending on the size and composition of real estate, real estate planning may be necessary in some cases. Therefore, there are hosts of ILIT (irrevocable life insurance trust), FLP, LLC, GRAT (Granted Pension Trust), CRT (Charitable Residual Trust), and other real estate planning options.
Tony: Thank you. Is there anything you want to add?
Michael: Real estate planning is a very informative area of the law. It gives me the opportunity to change the lives of many people. Since we are doing a lot of real estate management and censorship work, we will see this every day. At that point you can see whether being prohibited could do the most beneficial real estate plan for your child, loved ones, heirs, beneficiaries.
Tony: That is a wonderful thing and I thank you once again for having lunch with me.
Michael: Thank you for my joy.
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