top of page

9 Types Of Trusts For Asset Protection In Laguna Beach

The Most Common Types Of Trust In California


There are several ways to protect your assets. You only need to choose which option works for you, your current circumstances, and possible future situation.


Using trusts is one option. These can be a smart way to save money on taxes while also protecting your assets from creditors.

This post will talk about the different kinds of trusts in California, as often handled by our prescreened Laguna Beach Estate Planning Lawyers.


estate administration attorney california

It can be tough to know which sorts of trusts are best for you because there are so many. However, the trusts listed below have brief summaries that you may want to consider:

1. Revocable Living Trust

An RLT is created during the trust maker's lifetime and can be changed or revoked at any moment.


Unlike a standalone will, a trust is not subject to probate, which is advantageous because probate takes time, costs money, and is a public record.

This allows you to make preparations for estate planning while giving you the freedom to change your mind should your circumstances change.


2. Irrevocable Living Trust

An IRT, unlike a Revocable Living Trust, cannot be changed or revoked once it has been established.


Depending on your current circumstance, an IRT might be the better option for you. This is especially if you're worried about possibly becoming incapable of making decisions as you age.

To know which of the two is your best option, contact a Laguna Beach Estate Planning Lawyer to advise you.


los angeles estate administration lawyer

3. Marital Share (A Trust)


A Revocable Living Trust (RLT) can be split into two trust shares once the first trust maker dies.

The "A trust" represents the surviving spouse's share for the rest of their life.

4. Non-Marital Share (B Trust)


The "B Trust," sometimes known as a Bypass Trust, is the surviving spouse's part of the inheritance.


Because this trust is irreversible, it is shielded from creditors and predators. This share's assets grow tax-free and are passed down to the eventual beneficiaries.

For more details on the technicalities of A and B Trust, consult with one of our Laguna Beach Estate Planning Attorneys to help you.

5. Charitable Remainder Trust


Looking to give a portion of your assets to charity? You can.

Individuals can also decrease their taxes by distributing assets to beneficiaries and donating the remaining to charity through a charitable remainder trust.


6. Domestic Asset Protection Trust

This is an irrevocable agreement that protects assets from creditors. The trust maker can be the trust's beneficiary, and the funds will still be safe from creditors.

These are frequently used in combination with corporate entities such as limited liability companies (LLCs).

7. Grantor Retained Annuity Trust

A GRAT is an irrevocable trust. The trust maker transfers certain assets to the trust for the benefit of the trust maker's children or close relatives.


The trust should receive annual annuity payments, and the trust assets are nearly tax-free to the beneficiaries of a GRAT.


For more info on filing a GRAT, consult with one of our Laguna Beach Estate Planning Lawyers.


laguna beach estate administration attorney

8. Irrevocable Life Insurance Trust

An Irrevocable Life Insurance Trust (ILIT) is an irrevocable trust that owns and is the principal beneficiary of life insurance policies.

Under the present annual estate tax exclusion rate, this can be beneficial for tax efficiency.

9. Qualified Personal Residence Trust


This type of trust is used to hold residential property (whether it be a primary or secondary home).


A QPRT can be used by individuals or families who want to lower the amount of gift tax they pay when transferring assets to a beneficiary.

Bottom-line

There's more to asset protection and estate planning than your last will and testament. All of the trusts listed above have their own advantages and disadvantages, and it's up to you to decide which asset protection strategy works best for you (and your future beneficiaries).


To help you make this crucial (and life-changing) decision, you might need to help of a Laguna Beach Estate Planning Lawyer. An attorney will know the ins and outs of asset protection and will be able to advise you on the best asset protection and planning route to take.

Find A California Estate Planning Lawyer In Laguna Beach


1000Attorneys.com is a California Bar Association Certified Lawyer Referral Service that can refer you to an Estate Planning Attorney that's fit to handle your unique case.


You may contact us via our 24/7 live chat (or fulfill our case submission form) for a free initial consultation.

10 views
Best Lawyers Near Los Angeles

California State Bar Certified Lawyer Referral And Information Service

Welcome to 1000Attorneys.com, a Lawyer Referral and Information Service certified and approved by the California State Bar.

Our commitment is to provide you with unbiased and impartial lawyer referrals. Unlike other services, we maintain complete independence from the lawyers receiving these referrals, ensuring transparency and fairness.

While we specialize in California employment law and personal injury claims, we offer our referral services for various other legal areas.

 

At 1000Attorneys.com, we aim to ensure you are connected with best California attorney near you who can provide comprehensive and exceptional representation for your specific legal needs.

 

We understand that every legal situation is unique and are dedicated to finding the best match for you. With our extensive network of attorneys, we strive to deliver outstanding legal support and guidance tailored to your individual requirements.

At 1000Attorneys.com, we hold California attorneys to the highest standards of professional conduct. Your satisfaction and confidence in the legal representation you receive are paramount to us.

 

Rest assured that when you engage in our services, you can expect nothing less than exceptional legal support and guidance.

Why Lawyer Referrals Matter

 

The California State Bar investigates on average 16,000 complaints of professional misconduct by attorneys annually.

We conduct due diligence by researching and recommending the best local attorney for your case. 

 

Our team of experts verifies that attorneys are in good standing and have the required experience in the type of law related to your legal issue. 

Learn more about attorney discipline here:

 

Our History 

 

Since 2005, we have been dedicated to helping individuals find reliable legal representation in California.

 

We understand the challenges people face when trying to locate reputable lawyers, especially when inundated with self-promoting advertisements and biased marketing from law firms.

 

At our service, we strive to cut through the noise and provide a trustworthy and unbiased platform for connecting individuals with reputable California lawyers.

 

Our clients receive quality legal representation without the frustration and uncertainty often associated with legal advertising.

How the LRS Works 


Anyone seeking competent and honest legal representation in California, can request a FREE lawyer referral. 

Once you submit your case details online, our legal 24-hour legal department will review your claim and reply via email. Most cases are reviewed and answered within 15 minutes. 

 

A free 30 minute consultation with the attorney will be offered to each referred client. 

A representative will follow up a few days later via email with the client after receiving a referral for quality management purposes, or to obtain the status of the case. 

About lawyers from our network


California lawyers in our network are insured, in good standing with the California State Bar, and have substantial experience in their practice area.

 

Attorneys are available in most areas of law throughout Southern California. Every lawyer in or network has been vetted for:

  • Credentials

  • Education

  • Communication skills

  • Performance

  • Client reviews

  • Fair legal fees

  • Continuing education

  • Professional affiliations

Additionally, we conduct criminal  background checks and attorneys are always monitored by our service.  

How to find the best lawyer for your legal case: 

1. The fastest way to have your legal issue reviewed by one of our attorneys is to send your details online.

 

Your information will go directly to our 24 hour legal department bypassing our call center. You will get a reply via email within 15 minutes. 

2. You may also inquire about your legal issue via email. We respond to email inquiries within 24 hours M-F. 

3. By calling our lawyer referral hotline 661-310-7999. However, our agents are not attorneys and cannot provide legal advice. Due to high call volumes, it's highly recommended that you use option # 1 above. 

california state bar lawyer search.png
bottom of page