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Trust Lawyer Helping Minimize Estate Taxes

Explaining the benefits of a trust

Invictus Law, P.C. helps you minimize tax consequences through the establishment of trusts. Trusts transfer legal ownership of property from the person establishing the trust, known as the grantor. You can set up a trust through your will or separately from your will. A trust can lessen estate tax liability and protect your high-net-worth estate. We serve clients in Riverside, San Bernardino and Orange counties, including Orange, Santa Ana and Irvine, California.

Trusts can help you avoid probate and minimize taxes

Trusts should be considered as an integral part of your long-term financial and estate planning portfolio. Depending on your financial profile and your estate planning goals, we may recommend one or some of the most common trusts available, including:

  • Living (revocable) trusts. In a living trust, also known as a revocable trust, you can name yourself or someone else as the trustee. This instrument is a potential way to avoid probate. It also offers the flexibility to remove property from the trust and terminate it.
  • Irrevocable trusts. When you place property into an irrevocable trust, it is removed from your estate and is not subject to estate tax. But, once you establish the trust, you cannot change it or pull back any of the property placed in it.
  • Discretionary trusts. In a discretionary trust, the trustee has the discretion to make all decisions regarding the timing, amount and purpose of distribution. A beneficiary has no control.
  • Incentive trusts. You can control the distribution of your assets by stipulating certain conditions in an incentive trust. For instance, you could encourage distribution by requiring a beneficiary’s completion of a college degree.
  • Special needs trusts. Establishing a special needs trust helps to ensure your disabled child is eligible for Supplemental Security Income (SSI) or Medi-Cal benefits after you are gone. While some assets do not affect eligibility, large cash payouts would. These can be left to a special needs trust instead.
  • Family trusts. A family trust can provide income to your surviving spouse and avoid estate taxes. It can be set up to continue to pass assets on to future generations too, but unlike some other states, California restricts how long the trust can exist for.
  • Charitable trusts. You can create a charitable trust and donate funds or assets to it. A charitable trust is irrevocable; you cannot change your mind about it once you establish this instrument. The charity must be approved by the state, which maintains a registry of charities. A charitable trust may provide distinctive tax advantages.
  • Pet trusts. With a pet trust, you can ensure the continued care of your cat, dog or other pet after your death.
  • Testamentary trusts. A testamentary trust is established through your will. Through it, you can control the distribution of your property. The trust is administered through the probate process.
  • Generation-skipping trusts. A generation-skipping trust transfers assets to beneficiaries at least two generations removed, such as your grandchildren or great-grandchildren, while minimizing tax liability.

Our firm helps you preserve your financial assets now and for future generations by using the appropriate estate planning instruments that best meet your and your family’s unique needs. We also advise you on protecting yourself through medical and financial powers of attorney and advance directives. Our lawyers also help estate trustees with trust administration.

Find out how a trust can protect your assets both now and in the future

Invictus Law, P.C. helps you minimize estate taxes through the establishment of trusts as part of our estate planning services. Call us at (949) 287-5711 or use our online contact form to learn about your options and to schedule your free initial consultation. We offer flexible hours for appointments in either of our Santa Ana or Ontario, California offices.

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