California Living Trust Avoids Probate & Estate Taxes
Skilled California Lawyers Prepare Fully Customized Living Trusts
A living trust is the most important part of every estate plan prepared by an attorney. During your life, your assets are described in trust documents and held in the name of your trust, but you can use, sell, or dispose of them as you wish. After you pass away, the people you choose will receive your property without the delay and cost of probate. In addition, assets that go to your spouse will not be subject to estate taxes until after your spouse also passes away.
San Diego Law Firm includes a fully customized living trust in every estate plan. Your living trust will fit your tax, marital status, and personal situation perfectly, so that you receive the fullest legal benefits possible. For more detailed information about types of living trusts, please see our Will and Estate Plan Dictionary. From our San Diego, California law offices, we handle specialized trusts, living trusts, wills, and and estate planning throughout California, including Riverside, Imperial, Los Angeles, and all southern California.
Benefits of a Living Trust
The many benefits of a living trust include:
- Avoiding probate
With a living trust, you can eliminate the entire probate process. Probate can tie up your assets for 18 months or longer, and its fees and costs be as much as 8% of your estate. A living trust can pass your property directly to your heirs, such as your spouse and children.
- Reducing or eliminating death taxes.
- Providing a higher income tax cost basis for
appreciated property
Appreciated property often includes such assets as real estate and stocks. This reduces income tax liability when your surviving spouse or heirs sell the property. Joint ownership does not provide this benefit.
- Protecting your family and your business from
loss if you no longer manage your own affairs.
A living trust can allow the trustee you select to gradually assume authority without a judicial determination of incompetency.
- Maintaining control
With a living trust, you can provide income for your spouse, but keep the principal balance for your children or other heirs after your spouse's death, unless your spouse has exhausted his or her own assets. This can be very useful when there are children from a former marriage.
- Keeping your affairs private.
When a person dies, their will must be filed with the court and it becomes a matter of public record. Trusts are private.
Trust Administration Services
When one or both spouses to a living trust have passed away, the trust needs administration. This means the remaining property is inventoried, creditors and taxes owing are paid, and the remaining assets are either passed to the spouse or distributed to the designated beneficiaries. A final income tax return must be prepared and filed for the deceased. These tasks may be more than family members can easily handle. San Diego Law Firm offers trust administration services; the cost depends on the work to be done. Please us call for more information, or see the section on Trust Administration on this website.
How to Contact San Diego Law Firm
We handle matters throughout California, and new clients are always welcome. For more information or to make an appointment, please contact us either by:
Telephone: (619) 794-0243
E-mail: contactus@SanDiegoLawFirm.com
We can be reached by telephone Monday through Friday, 9:00 a.m. to 5:00 p.m. You may also use the
form below to contact us. This form is answered Monday through Friday during
the work day. Please remember that for us to become your attorneys, we must first have a written attorney-client agreement signed by both of us, so please do not email any confidential information at this point. After we have reached an agreement with you, we can then exchange information freely. We look forward to helping you.