Rozsa Gyene is an attorney, a Doctorate in Law since 1997 and received her J.D from Southwestern Law School. The lawyer Rozsa Gyene owns the Law Office of Rozsa Gyene firm, located in Glendale, California since 20 years. She and her team are experts in family, living and special needs trusts, as well as trust administration, wills, probate, decedent estates, estate planning, conservatorship and guardianship. They focus on making sure that your loved ones will receive what you have worked so hard to accumulate, offering brilliant legal solutions.

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818-434-4541
Law Offices of Rozsa Gyene

2. Rozsa Gyene is an attorney, a Doctorate in Law since
1997 and received her J.D from Southwestern Law
School. The lawyer Rozsa Gyene owns the Law Office of
Rozsa Gyene firm, located in Glendale, California since
20 years. She and her team are experts in family, living
and special needs trusts, as well as trust
administration, wills, probate, decedent estates, estate
planning, conservatorship and guardianship. They focus
on making sure that your loved ones will receive what
you have worked so hard to accumulate, offering
brilliant legal solutions.

3. There are many reasons to have a family trust, the main
one is to protect the family assets. You can simply shift the
ownership of some assets to a trust to make sure that
those assets will not be at risk while you venture on new
risky investment or business. The most common reason is
to be certain that assets will be transferred intact to the
next generation after someone’s death. Another reason is
to manage the possessions of someone who is not able to
manage their own affairs because of age, infirmity or any
other motive. Additional to that, you can also change tax
liability by putting your assets in a trust.

4. Mission Statement
A beneficiary in the broadest sense is a natural person or other legal entity
who receives money or other benefits from a benefactor.

5. At least three people should be involved:
- The settlor is the person or group of people that will transfer the assets, that
can be as little as $1.
- an individual person or member of a board given control or powers of
administration of property in trust with a legal obligation to administer it solely
for the purposes specified. If the settlor decides he can be a trustee of his own
trust, the trustees have the responsibility to take care in a prudent way of the
assets subject to the trust, unless it says otherwise. In many cases trustees
are family members, lawyers or business persons that are related to the assets
or the beneficiaries.
- A beneficiary in the broadest sense is a natural person or other legal entity
who receives money or other benefits from a benefactor. It can be one or a
group of people that can be divided in two types of beneficiaries: a
discretionary beneficiaries (they don’t have an automatic right to receive
payments from the trust, but if the trustee decide they can be considered for
payments) and final or ultimate beneficiaries (have the legal right to the trust
property, their names often appears on the trust, being often the settlor's
children or grandchildren).

6. The family trusts cannot exist for more than 80 years
and need to have a finish date known as the date of
distribution. The trust has a beginning date and a due
date, the trustees can have the power to end the trust
before the date or to extend the distribution date.

7. Besides the power to change the distribution
date, trustees also have the power to
appoint new trustees, more rarely they can
also have the power to remove
trustees. Frequently this power is given to
the settlor. His main job is to protect the will
of the settlor and its assets.

8. A family trust can have properties, bank accounts, raise
mortgages and it is usual to hold all types of assets and
investments. Of course all the assets and investments need
to be according to the powers agreed in the trust deed,
just as the addiction and selling of assets inside the trust.
The addiction of assets can be done at any time, usually by
the settlor, who will sell assets to the trust, however
sometimes the trust itself will buy assets. If the trust do
not own money to buy a new asset, the trustees intervene
and sign a document recognizing that the trust owes the
seller for the asset acquired.

9. There are two ways to reduce the amount
the trust owes to the settlor. In the first
option the settlor cancels the debt. This can
only be done in sums up to $27,000 per year,
without gift duty, if the sum is higher than
that there is a gift duty calculated on a
sliding scale. The second option is the trust
make payments to the settlor, taking money
out of its income or out of capital.

10. Call cross trusts or mirror trusts, are two trusts that are
involved with each other. The most common case is
when the first spouse establish a family trust with the
second spouse as its beneficiary, and then the second
spouse does the same with the first spouse being a
beneficiary. It is done with the objective of giving
control to each spouse without having to involve
directly with the other spouse as a co-trustee. In that
case each settlor can sell assets to his or her trust for
full value.

11. Who decides which payments from income or
capital are to be made are the trustees, they
also decide which beneficiaries shall receive
them. If the trust owns to the settlor, he can
demand payment of all or a part of the debt at
any time. This type of payments, from trust to
settlor, can be free from income tax.

12. Rozsa Gyene, Attorneys at Law
450 N. Brand Blvd. Suite 600Glendal
CA 91203-2349
Phone - 818-434-4541