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Trusts Overview

Types of Trusts used to Avoid Probate, Protect Assets from Creditors & Reduce Taxes

Both “Trusts” and “Wills” are two very different types of estate planning documents. In our Trusts Overview, we will list about 30 types of Trusts, but focus on only a few of the most common trusts so you can get a quick glimpse of their usefulness and power.

Below are more resources regarding Trusts

Anyone can afford to create an Inheritance-Protecting Trust

Trusts are created every day by smart people who decide to prevent unnecessary and expensive Probates, immediately protect property and other assets from creditors, and even reduce taxes in some cases. Trusts have the power to protect individuals and their families while alive, and ensure that heirs will be just as well-protected and blessed when the creator of the trust dies. Why would anyone leave such critical decisions to complete strangers in a downtown courtroom?

There are so many estate-planning trusts available to protect individuals and their inheritances it really requires an experienced estate planning lawyer to review an individual’s estate and their family circumstances so that the proper trust or trusts can be chosen to protect them. Vincent W. Davis can help you find a estate-planning solution so that you can avoid probate, and pass “your stuff” to your loved-ones the way you choose, while likely reducing your future tax liabilities at the same time. This website would become a 4-unit University Lab Course if we were attempt to explain all the various Trusts we have to choose amongst to assist our clients, so we will list 30 or so to give you the “big picture” and review just a handful.

Following is only a sampling of available Trusts that a skilled trust attorney might recommend to protect you and your family while you are alive and see that your wishes are carried out following your passing:

  • Revocable Trusts
  • Irrevocable Trusts
  • Credit Shelter Trusts
  • Generation-Skipping Trusts
  • Qualified Personal Residence Trusts
  • Irrevocable Life Insurance Trusts
  • Qualified Terminable Interest Property Trusts
  • Grantor Trusts
  • Testamentary Trusts
  • Minor’s Trusts
  • IRA Trusts
  • Beneficiary’s / Spendthrift Trusts
  • Blind Trusts
  • Discretionary Trusts
  • Special Needs Trusts
  • Medicaid Trusts
  • Qualified Income Trusts
  • VA Eligibility Trusts
  • Pooled Trusts
  • Marital Trusts
  • QTIP Trusts
  • Qualified Personal Residence Trusts
  • Grantor Retained Annuity Trusts
  • Charitable Remainder Annuity Trusts
  • Charitable Lead Annuity Trusts
  • Charitable Remainder Unitrust
  • Buildup Equity Retirement Trusts
  • Etc., Etc., Etc….
  • Trusts Overview – What is a the Purpose of a Trust?

    What is a the Purpose of a Trust? – Trusts are estate-planning tools that can entirely replace or supplement a Will and can also help manage property during the trust-creator’s life as well as when he or she passes. A trust manages the distribution of a person’s property by transferring its benefits and obligations to different people via a carefully-drafted trust document that is basically designed by you with your attorney’s help to draft the language so your trust will be legal and stand up to potential challenges years later. A Revocable Trusts can be changed to reflect the changing wishes and desires of the creator over time. There are many reasons to create a trust, making this estate-planning and property-distribution strategy a popular choice for the majority of people who take the simple, but pro-active step to create an estate plan.

    Trusts Overview – What is a Living Trust?

    What is a Living Trust? – Living Trust, was coined as a more memorable and descriptive name for what is a Revocable Trust. A “Living Revocable Trust” is an estate-planning arrangement under which a trustee (which can be one or more individuals and/or a corporation) takes title to the assets of the original owner (called the “settlor”). In most cases, the settlor is also the initial trustee. The terms of the trust document designate who will take over as trustee when the initial trustee dies, is incapacitated, or is no longer willing and able to act. The settlor is often the only beneficiary during his or her life.

    Trusts Overview – What are the advantages of Creating a Trust?

    • Save money – Avoiding probate usually saves substantial fees and costs.
    • Reduce taxes – A trust arrangement can reduce estate taxes for a married couple.
    • Beneficiary protection – Setting up a continuing trust arrangement in either a will or a revocable trust can protect beneficiaries who are too young or otherwise unprepared to receive a lump-sum inheritance.
    • Incapacity management – Designated trustees can manage assets for a settlor’s benefit if he or she becomes incapacitated (avoids a court-appointed conservator)

    Trusts Overview – How do I create, and what are the mechanics of a Trust?

    The basics of trust creation are fairly straight-forward and simple. To create a trust, the property owner (called the “trustor,” “grantor,” or “settlor”) transfers his or her legal ownership of their real property (jewelry, house, car, boat, stocks, bonds, coin collection, etc.) to a person or institution (called the “trustee”) to manage that property for the benefit of another person (called the “beneficiary”).

    Trusts create a “fiduciary” relationship, meaning that the designated trustee must act solely in the best interests of the beneficiary when dealing with the trust property. If a trustee does not live up to this responsibility, then the trustee will be legally accountable to the beneficiary for any damage to his or her interests. What is quite common, but surprising to many people researching trusts for the first time, is that the “grantor” may even be appointed the “trustee,” and retain ownership instead of transferring the property, but in this capacity, he or she still must act in a fiduciary capacity. A grantor may also name himself or herself as one of the beneficiaries of the trust. The possibilities are extraordinary and on solid, established, legal footing. In any trust arrangement the trust cannot become effective until the grantor transfers the property to the trustee.

    Southern California Trust Attorney will Custom-Draft a Trust for You

    If you want to explore the viability of a custom-drafted trust for your unique situation, consult with a lawyer experienced in estate planning to determine which estate-planning options are best for you. Using the services of a non-lawyer or even a lawyer not properly trained in estate planning can end up costing more money to fix problems at the worst possible time. Do it right the first time. Vincent W. Davis and Associates have 60-years of combined experience to make available to clients in Southern California.

    Set Up a Day, Evening or Weekend Appointment Now

    At Vincent W. Davis & Associates, we are able to properly prepare many types of trusts, depending on your individual needs and goals. For assistance, please contact The Law Offices of Vincent W. Davis & Associates in Southern California for a complimentary consultation with Mr. Davis personally. Consultations are available in Los Angeles, Orange County, Inland Empire including Riverside or San Bernardino Counties. We also handle California Probate and Estate matters for out of state individuals.

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