There are many different types of trusts for all of life’s situations. We have offices throughout the Bay Area for your convenience. Let our San Jose trustee attorneys help you avoid probate, preserve your assets and plan for your future. Our Santa Clara trust lawyers are responsive and accessible to all clients. We will return your phone call or email usually the same day, but always within 24 hours. Call us toll free 1-877-9NEW-LIFE for the personal service you deserve.
There are many types of trusts that can be created. The first major distinction to make is the difference between revocable trusts and irrevocable trusts. A revocable trust is just like it sounds. The trustor or settlor, the person creating the trust, can choose to revoke the trust at any time. An irrevocable trust is the opposite. This type of trust is forever and cannot be revoked once funded and validly created. The irrevocable trust can be changed if all the beneficiaries agree to the changes and the court approves the changes.
Our Santa Clara trust lawyers will discuss your needs and determine what form of or types of trust best fits what you want or what your needs are. If you need to help to provide for a physically or mentally disable friend or family member a Special Needs Trust can be created. If you have significant assets and need to plan for future tax issues a Dynasty Trust could be the best fit. This is an irrevocable trust to take advantage of generation skipping transfer tax exemptions, estate tax and gift tax to pass assets to beneficiaries for as long as state law will allow. For more information please contact our San Jose trust attorneys and schedule a consultation.
More interesting types of trusts are the Crummey Trust. This trust is structured for the benefit of minor children so gifts can be made in a way qualifying them for omission from the unified gift and estate tax. A Totten Trust is more or less a form that you need to fill out with your banking institution. The money in your bank accounts can be directed to a beneficiary upon death and avoid probate. Ask your bank or Santa Clara trust lawyers for a form, Totten Trust, to name your beneficiary or beneficiaries of your bank account money. You will have to do with at each bank you have accounts with. Another less known trust is a Purpose Trust. This type of trust is created to advance a certain thing that is not a charitable purpose. You may have heard of a Charitable Trust. A Charitable Trust is basically a purpose trust for the purpose that is charitable. For more information about types of trusts please contact our San Jose trust attorneys and Santa Clara trust lawyers to schedule a consultation and start planning your future today.
