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 probate estate.
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 assistance programs.
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 Torrance Estate Planning 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.
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