Types of Oakland and Walnut Creek Trusts

The attorneys at Vaught & Boutris LLP provide assistance to clients with a number of different kinds of Walnut Creek and Oakland trust funds, including:

  • IRA trusts
  • Living trusts
  • Special needs trusts
  • Income trusts

What follows is a brief overview of each of these trusts. For help with Oakland and Walnut Creek inheritance trusts, you should schedule an appointment with a member of our Oakland or Walnut Creek probate law firm.

IRA trusts

A Walnut Creek or Oakland IRA trust allows a person to leave the wealth in his or her individual retirement account (IRA) to a beneficiary. These are usually structured in a way that ensures the assets in a person's Oakland IRA trusts are protected from financial difficulties that may be incurred by the beneficiaries. They may also be set up to make sure estate taxes are paid.

Living trusts

A living trust in Walnut Creek and Oakland, also known as a family trust, is similar to a last will and testament in that both are used to transfer property to beneficiaries. However, a major difference—and one of the principal reasons why people choose to establish an Oakland living trust—is that a living trust is not subject to probate.

Special needs trust

Also referred to as a supplemental needs trust, a person's Walnut Creek or Oakland special needs trust is designed to provide benefits to a beneficiary who is physically or mentally disabled, or who has a chronic or acquired illness, and is unable to maintain meaningful employment.

Income trust

Also known as an income fund, Oakland or Walnut Creek income trusts are a type of investment trust for holding assets that produce income, such as royalty payments, interest generated from stocks, bonds, and dividends.

Revocable vs. irrevocable trusts

The two major types of trusts are revocable and irrevocable. The terms revocable trust and living trust are effectively interchangeable. Living revocable trusts in Walnut Creek remain in place while the person who established it (the grantor) is still alive. The grantor may, at any time, make changes to it.

A revocable trust usually converts to an irrevocable trust (one that cannot be changed) when the grantor dies. But some people choose to create their Walnut Creek irrevocable trusts because they can mitigate estate tax implications and provide protection from creditor lawsuits.

Contact Vaught & Boutris for all of your trust needs

Our firm is qualified to provide guidance in many aspects of estate planning. We understand the value of establishing trust funds for asset protection and preserving inheritance funds for the future needs of your family and other loved ones. To find out more about how we can help you, contact us online or call 510-430-1518 today.

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