Legal Question in Wills and Trusts in California

Yes.

The only effect the changes have on "when" trusts are executed is if the trust is irrevocable ... the gift tax rules in effect at the time the trust is executed (and property placed in it) can have an effect on how much one might owe in gift taxes.

As for the effect of "what" property is placed in a trust, I'm not sure what you mean. The laws could have an effect on "what" is placed in the trust if the "what" has been discounted using the fractional discount (or other discounting) rules currently in place.

There are a number of other potential effects, but you would need to be more specific for anyone to be able to answer your question.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.