Although the corporate trustee may be sold, or may file for bankruptcy, the assets are usually protected
Antelope Valley, CA (PRWEB) October 21, 2008
Antelope Valley estate planning law firm Thompson Von Tungeln advises its trust clients to pay special attention to their trusts during times of market uncertainty. Here are three factors to consider:
Trust assets held by corporate trustees are protected. In the wake of Bear Sterns sale and Lehman Brothers bankruptcy, it is easy to panic, according to Mark E. Thompson, founding partner of estate planning law firm Thompson Von Tungeln. But Thompson advises his clients to relax. "Although the corporate trustee may be sold, or may file for bankruptcy, the assets are usually protected," said Thompson. "This is because the corporate trustee holds only the "legal" title and not the "beneficial or equitable" title to those assets."
Trust manager may change. Given the volatile corporate landscape, this is a distinct possibility, said Thompson. However, this is not a great cause for concern. "If you find that the new trustee is just unacceptable, you can consider changing the trustee if your trust documents permit it," said Thompson.
Market conditions can affect value of a trust. "The stock market is volatile, as we all know too well, especially recently," said Thompson. "Unfortunately, there is no fool-proof stock market system; nothing that can guarantee that you will not lose at least something, particularly in a bear market," said Thompson. "That's when you need a good advisor who understands your short and long-term goals and can help you weather difficult economic times."
About Mark E. Thompson
With more than 30 years' legal experience, Mark E. Thompson serves Thompson Von Tungeln in the areas of estate planning, probate, trusts, wills, trust administration, conservatorships, guardianships, and elder law. He is certified by the State Bar of California Board of Legal Specialists as a Board Certified Specialist in Estate Planning. In addition to his legal work, Thompson also serves with many other community organizations.
About Thompson Von Tungeln
Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their website at http://www.tvttrustlaw.com