• Our Promise to You During COVID-19/Coronavirus
    • Skip to primary navigation
    • Skip to main content
    • Skip to primary sidebar
    • Skip to footer
    • Home
    • Who We Are
      • About Our Firm
      • Attorney and Staff Profiles
      • Scott P. Schomer Certified As Specialist In Estate Planning, Trust And Probate Law
      • Trust and Probate Litigation: Verdicts and Settlements
    • Services
      • Legacy Planning
      • Probate
      • Asset Protection & Business Planning
      • Trust Administration
      • Trust, Probate and Estate Litigation
      • Estate and Gift Tax Figures
      • Family-Owned Businesses
      • IRA & Retirement Planning
      • LGBTQ Estate Planning
      • Loss of a Loved One
      • Power of Attorney
      • SECURE Act
      • Special Needs Planning
      • Young Families
    • Probate
      • Is Probate Always Necessary In California?
      • Why Hire A Probate Attorney
      • Probate Administration
      • Probate & Estate Planning Savings Calculator
      • Probate Code 850 Petitions
      • Probate Disputes
      • Probate In California
      • Probate Laws
      • Probate Litigation
    • Elder Law
      • Conservatorship
      • Coping with Alzheimer’s
      • Estate Planning
    • Resources
      • Elder Law
        • Elder Law & Medicaid Definitions
        • Elder Law Reports
      • Estate Planning
        • Estate Planning Articles
        • Estate Planning Checkup
        • Estate Planning Definitions
        • Estate Planning Reports
          • Advanced Estate Planning
          • Basic Estate Planning
          • Estate Planning for Niches
          • Trust Administration
        • Incapacity Planning Definitions
        • Is Your Estate Plan Outdated?
        • Special Needs Planning Can Protect Benefits
        • Top 10 Estate and Legacy Planning Techniques
      • Free Estate Planning Worksheet
      • Free Seminars
        • Webinars
      • Frequently Asked Questions
        • Advance Health Care Directives
        • Asset Protection
        • California Adult Conservatorship
        • Estate Planning
        • Estate Planning & Remarriage
        • Frequently Asked Questions For Families Without An Estate Plan
        • Incapacity Planning
        • In-Home Elder Care
        • IRA Inheritance Planning
        • IRA & SECURE Act
        • Irrevocable Trust
        • Legacy Wealth Planning
        • LGBTQ Estate Planning
        • Living Trust
        • Probate
        • Social Security & Medicare
        • Special Needs Planning
        • Trust Administration
        • Wills
      • Newsletters
      • Pre Consultation Form
      • Presentation
      • Published Book
      • Trust Administration & Probate Resources
        • Bereavement Resources
        • How to Know if You Need Extra Help With Your Grieving
        • Loss of a Loved One
        • The Mourner’s Bill of Rights
        • Things You Need To Do When a Loved One Passes Away With a Trust
        • Things You Need To Do When a Loved One Passes Away With a Will
        • Trust Administration & Probate Definitions
    • Reviews
      • Our Reviews
      • Review Us
    • Communities We Serve
      • Los Angeles County
        • Bellflower
        • Cerritos
        • El Segundo
          • El Segundo Probate Resources
        • Hawthorne
        • Inglewood
        • Long Beach
          • Long Beach Elder Resources
          • Long Beach Probate Resources
        • Manhattan Beach
        • Playa del Rey
        • Santa Monica
        • Westchester
          • Westchester Elder Resources
          • Westchester Probate Resources
      • Orange County
        • Anaheim
        • Buena Park
        • Cypress
        • Fountain Valley
        • Garden Grove
        • Huntington Beach
          • Huntington Beach Elder Resources
          • Huntington Beach Probate Resources
        • Los Alamitos
          • Los Alamitos Probate Resources
        • Rossmoor
        • Stanton
        • Seal Beach
        • Westminster
    • Contact Us
    • BLOG
    • Videos

    Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

    Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

    Connect With Us Today (310) 337-7696

    Attend a Free Webinar
    Home » Trust Administration and Probate » What Type of Trust Is Right for You?

    What Type of Trust Is Right for You?

    March 12, 2022Trust Administration and Probate

    Los Angeles trust attorneys

    For most people, the creation of an estate plan begins with the execution of a Last Will and Testament. As time goes by, a variety of estate planning tools and strategies may be added to that Will to help accomplish additional estate planning goals. One of the most popular additions is a trust agreement. Which type of trust is right for you? To help you decide which trust is right for you, a Los Angeles trust attorney at Schomer Law Group, APC describes some of the most common types of trusts.

    Testamentary Trust

    A testamentary trust is a trust that doesn’t activate until the death of the Settlor through a provision in the Settlor’s Last Will and Testament. Because a testamentary trust is activated by a provision in a Will, it is always revocable up to the time of the Settlor’s death because a Will is always revocable.

    Living Trust

    Formally known as an “inter vivos” trust, a living trust is a trust that is activated during the lifetime of the Settlor once all the formalities of creation are in place. A living trust can be either revocable or irrevocable.

    Revocable Trust

    A revocable trust is one that can be modified, terminated, or revoked at any time, and for any reason or without providing a reason, by the Settlor. A revocable trust can be a testamentary or living trust.

    Irrevocable Trust

    An irrevocable trust is one that cannot be modified, terminated, or revoked by the Settlor once the trust is activated. In most states, a court can modify or terminate an irrevocable trust under certain conditions; however, because that requires a court order it is best to consider an irrevocable trust to be one that you cannot change once it is activated. An irrevocable trust is always a living trust.

    Constructive Trust

    A constructive trust is an implied trust. An implied trust is established by a court and is determined from certain facts and circumstances. The court may decide that, even though there was never a formal declaration of a trust, there was an intention on the part of the property owner that the property be used for a particular purpose or go to a particular person. While a person may take legal title to property, equitable considerations sometimes require that the equitable title of such property really belongs to someone else.

    Asset Protection Trust

    An asset protection trust is typically an irrevocable trust that is designed to protect your assets from claims of future creditors. The trust remains irrevocable for a specific number of years after which time the assets revert to the Settlor if there are no current creditor claims or threats. During the time that the trust is irrevocable, the Settlor cannot be a beneficiary of the trust though for the assets to remain out of the reach of creditors.

    Special Needs Trust

    A special needs trust is a specialized trust that allows you to gift assets to a child with special needs without jeopardizing the child’s eligibility for much needed state and federal assistance programs such as Medicaid and/or Food Stamps (TANF). 

    Charitable Trust

    Charitable trusts benefit organization or the public in general. Charitable lead and charitable remainder trusts combine a charitable and non-charitable beneficiary into one trust. Along with fulfilling a philanthropic goal, charitable trusts are also frequently used to help lower an estate’s exposure to federal gift and estate taxes.

    Spendthrift Trust

    A spendthrift trust is a trust that is established for a beneficiary, and which does not allow the beneficiary to sell or pledge away interests in the trust. It is protected from the beneficiaries’ creditors, until such time as the trust property is distributed out of the trust and given to the beneficiaries.

    Totten Trust

    This is the name used for a type of trust created by a “Payable on Death (POD)” (or similar) beneficiary designation on an account. It is, in essence, a revocable trust in which the gift is not completed until the Settlor’s death or an unequivocal act reflecting the gift during the Settlor’s lifetime. The assets held in the account are automatically transferred to the named beneficiary upon the death of the Settlor; however, the beneficiary has no ownership interest in the assets during the lifetime of the Settlor and the Settlor can always revoke the designation up to the time of death.

    Contact Los Angeles Trust Attorneys

    For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about which type of trust is right for you, contact the experienced Los Angeles trust attorneys at Schomer Law Group APCby calling (310) 337-7696 to schedule an appointment.

    • Author
    • Recent Posts
    Scott Schomer, Estate Planning Attorney
    Scott Schomer, Estate Planning Attorney
    A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
    Scott Schomer, Estate Planning Attorney
    Latest posts by Scott Schomer, Estate Planning Attorney (see all)
    • Is It Time to Update Your Beneficiaries? - May 18, 2022
    • Why Should I Use a Living Trust to Distribute My Estate? - May 17, 2022
    • The Importance of Liquidity in Your Estate Plan - May 11, 2022

    Other Articles You May Find Useful

    Los Angeles trust attorney
    How Can I Encourage a Beneficiary to Use an Inheritance as Intended?
    Los Angeles trust administration attorney
    Can a Trustee Be Held Personally Liable for Mistakes Made When Administering a Trust?
    Los Angeles trust administration attorneys
    Trust Administration – A Checklist for the First-Time Trustee
    Los Angeles trust attorneys
    Can I Be the Trustee of the Trust I Establish?
    Los Angeles trust attorneys
    Why A Will Is Still Necessary If You Have a Family Wealth Trust
    Los Angeles trust attorney
    Can I Appoint Myself as Trustee?

    Primary Sidebar

    Schomer Law Group, Los Angeles Estate Planning and Elder Law Attorneys

    Schomer Law Group

    FREE Estate Planning Worksheet

    There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

    Testimonials

    Client Review
    July 29, 2020
        

    We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

    Frank & Jutta R
    Client Review
    July 29, 2020
        

    Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

    Paula M.
    Client Review
    July 29, 2020
        

    We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

    Phillip G.
    Client Review
    July 29, 2020
        

    When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
    Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

    Bob L.
    Client Review
    July 29, 2020
        

    We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
    They were all very helpful in answering myriad questions and explaining all the various options…

    We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

    Bob S.
    Client Review
    July 29, 2020
        

    We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

    Robert F.
    Client Review
    July 29, 2020
        

    Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

    Joan S.
    Client Review
    July 29, 2020
        

    Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

    Kim

    Follow Us

    • Facebook
    • Twitter
    • Linkdin
    • Youtube
    • Instagram

    Blog Subscribe

    • This field is for validation purposes and should be left unchanged.

    Office Address

    El Segundo
    222 North Pacific Coast Highway., Suite 130
    El Segundo, CA 90245
    Phone: (310) 337-7696
    Fax: 310-337-1277

    See Larger Map Get Directions

    Office Hours

    Monday9:00 AM - 6:00 PM
    Tuesday9:00 AM - 6:00 PM
    Wednesday9:00 AM - 6:00 PM
    Thursday9:00 AM - 6:00 PM
    Friday9:00 AM - 6:00 PM

    Footer

    • Advantages of Working With Our Firm
    • About The American Academy
    • Disclaimer
    • Privacy Policy
    • Sitemap
    • Contact Us

    Schomer Law Group

    Connect with Us

    • Facebook
    • Twitter
    • Linkdin
    • Youtube
    • Instagram

    footer-logo
    © 2022 American Academy of Estate Planning Attorneys, Inc.

    Schomer Law Group

    Attorney Advertisement.

    © 2022 American Academy of Estate Planning Attorneys, Inc.