Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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Unique types of trusts

If you are like many people in California, you may think that a trust is basically just a will that may differ only in how estate taxes are handled. While there may be some truth to this at a rudimentary level, the reality is that a trust may offer you a wealth of flexibility that would quite simply be impossible with a trust. This may happen largely due to the fact that there are so many different types of trusts from which you can choose. 

Before deciding on how to structure your estate plan, it is wise first to identify your goals. From there, you will be able to appropriately review the estate planning tools that most appropriately help you meet those goals. For example, you might be concerned primarily about making sure your grandchildren receive some money from your estate. Alternatively, providing for your spouse after you die might be your primary concern. As CNN Money explains, you may use different trusts to meet these very different goals.

Grandchildren may be well cared for by setting up what is called a generation-skipping trust. As the name implies, this secures money solely for people at least two generations removed from you. A credit shelter trust, on the other hand, allows you to set a certain amount of money aside in a trust and even to grow tax-free. Any remaining assets may be granted to your family members also without any tax assessment.

If you would like to learn more about the types of trusts that may help you create the most customizable estate plan right for you and your family's needs, please feel free to visit the estate planning page of our California trust and asset protection website.

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

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Phone: 858-356-4568
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