Torrance Trust Lawyer
We Tailor Trusts to Suit Families' Specific Needs
Trusts are extremely useful tools in
estate planning for families with assets spanning from modest to wealthy. Trusts are legal
entities that a person or business can establish for the care and support
of the named beneficiaries. The person or entity that establishes the
trust is called the settlor.
Need to setup a trust in Torrance or the surrounding area? The
Law Offices of James C. Shields works with families to establish different kinds of trusts tailored to
best suit their specific needs, ranging from very simple to complex.
Types of Trusts
Asset Protection Trusts
Designed to protect property from lawsuits,
bankruptcy, divorce and creditors, they are also known as spendthrift trusts as they
may place conditions on withdrawals by beneficiaries.
Charitable Remainder Trusts
These types of trusts are vehicles to gift money as part of
charitable planning. They provide income to the settlor during his or her lifetime, and the
charity receives the remainder. As money given to charities is not taxable,
these types of trusts help others in need while reducing estate taxes.
California has very strict laws when it comes to possessing a gun. Establishing
a gun trust for your firearms (to dictate the proper transfer of ownership)
can protect your loved ones from unknowingly breaking criminal laws and
finding themselves in trouble with the law.
Unlike revocable living trusts (listed below), irrevocable trusts cannot
be altered once they are finalized. They protect your assets and ensure
that the future care of your loved ones is guaranteed.
Setting up a legacy trust allows you to set aside assets for your children
or loved ones that are exempt from certain unfavorable circumstances,
such as taxes, creditors, etc.
This special type of trust is the named beneficiary of a life insurance
policy, frequently used to ensure liquidity for a family-owned business.
They also have tax advantages and keep the policy out of the probate estate.
Do you know what will happen to your beloved pets after you pass on? Setting
up a pet trust can ensure that they go to a good home and receive proper
care should there come a time when you are unable to provide that love
and care yourself.
Qualified Terminable Interest Trusts
Also known as QTIP trusts, they allow for estate planning flexibility by
utilizing the maximum amount of spousal exemptions available to families.
A QTIP trust allows a person to disclaim an interest in an estate where
there would be adverse tax effects.
Revocable Living Trusts
This is the most common type of trust, whereby a settlor can alter the
terms of the trust and manage the trust property while he or she is alive.
Putting real estate, a family-owned business or other assets into a revocable
living trust will keep the property out of a
These trusts are for the benefit of a person with disabilities or special
needs. They are essential in allowing the individual to receive or inherit
money and property while maintaining eligibility for state and federal
Trust Administration & Litigation in Torrance
A trustee is the named person or entity in charge of administering the
trust, and they owe a duty of loyalty to the beneficiaries. As trusts
are separate legal entities, they can sue or be sued by beneficiaries
or other interested parties. Looking for an attorney to administer a trust?
The South Bay estate planning and probate lawyers at the Law Offices of
James C. Shields not only draft trusts, but also serve as administrators
and can effectively represent any party involved in trust litigation.
Contact our firm today to learn how trusts can serve your family's interests now and
into the future. Call us at (888) 910-6652 for your
free initial consultation with one of our experienced trusts lawyers.