Legacy Trusts in California
Protect Your Assets & Provide for Your Family
Despite carefully arranging the future of your assets, you may still be concerned about their security. What about creditors? Will they be hit with taxes? All valid concerns and all answered with one simple solution: a legacy trust. Also known as a dynasty trust, this option allows you to reserve assets for your children and keep said assets safe from unfavorable circumstances.
Naturally, there is a great deal of planning that goes into a legacy trust. Ensure your own peace of mind by retaining our firm's Torrance trust lawyer. With nearly 20 years of experience and a deep dedication to our clients' needs, we are here to resolve your concerns favorably.
Why Do I Need a Legacy Trust?
A legacy trust is essentially a second layer of protection for specific assets which are taken out of your primary estate. As a result, creditors can't touch them and money is set aside for future generations. When creating a legacy trust, you must appoint a trustee who has the power to act during your lifetime. The use of the funds in a legacy trust is up to you, whether for college tuition, income for grandkids, or your own medical needs.
When implemented correctly, a legacy trust can do all of the following:
- Avoid the Generation-Skipping Transfer Tax (GSTT)
- Reduce your family's overall estate tax bill
- Prevent creditors from touching certain assets
- Allow individuals to become the trustee of their own trust
A legacy trust is funded through annual gifts, made by you, which help to keep the trust active. In the event that your children or grandchildren have their own trusts within the legacy trust, they can act as their own trustees when the time is right.
Resolve Tomorrow's Concerns with a Torrance Trust Attorney
Money has the power to keep you up at night, but it shouldn't have to. The moment you create a legacy trust, you put the control of your finances back where it belongs – in your hands. We want to help you achieve this goal effectively.
Should you have millions of dollars tucked away or feel that your estate is rather modest, don't wait to consult with our legal team. We have the solutions you're looking for! Schedule your free consultation right away.
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