Wills, Trusts, and Estate Planning
FAQ
- What can a Living Trust do for me?
- Does a Living Trust change my ability to handle property?
- Does a Living Trust increase my personal income tax?
- Does a Living Trust increase my property tax in California?
- Is a Living Trust valid if I move out of California to another state?
- Is a Living Trust beneficial to a single person?
- Are Living Trusts beneficial only for the very wealthy?
- May I change a Living Trust after I draft one?
- Is the management of Living Trust complicated?
What can a Living Trust do for me?
A Living Trust protects your property from probate - a court mandated procedure - which takes a percentage fee off of your estate upon passing. A Living Trust saves you and your beneficiaries' time, money, and protects privacy.
Return to TopDoes a Living Trust change my ability to handle property?
NO. A Living Trust allows you to keep maximum command and control over your property.
Does a Living Trust increase my personal income tax?
NO. Profits from a Living Trust "pass-through" the Trustee, and your income tax remains unchanged. Likewise, with a Revocable Living Trust, you do not need to file separate or special income tax forms.
Does a Living Trust increase my property tax in California?
NO. You must "fund" the Trust by passing your real property into a Trust, but this transfer is exempt from Proposition 13 increased taxes.
Is a Living Trust valid if I move out of California to another state?
YES. A Living Trust is valid in all 50 states. A Living Trust also protects your property from probate in all 50 states.
Is a Living Trust beneficial to a single person?
YES. A Living Trust offers protection to your estate, no matter if you are single, in a domestic partnership, or are married.
Are Living Trusts beneficial only for the very wealthy?
NO. Living Trusts are beneficial to everyone with assets above $100,000. If your estate is worth more than $100,000, a Living Trust will save you time, money, and keep your finance private.
May I change a Living Trust after I draft one?
YES. Living Trusts may be changed and revised, according to your wishes.
Is the management of Living Trust complicated?
NO. The management of a Living Trust is not complicated for most people.
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