Legal Question in Wills and Trusts in California

Re: Living Trusts and Taxes

Each person's situation is different, but it would appear that you could use a revocable trust and related documents to accomplish your goals.

Re: Living Trusts and Taxes

There are two different issues here: one is estate tax, the other is the process of distributing your assets after you pass away.

You can use beneficiary designations and joint tenancies to avoid probate - the process of determining who is entitled to your assets after you die. Beneficiary designations and joint tenancies are not generally helpful in avoiding estate tax, because the estate tax applies to the assets held at the time of death, which beneficiary designations select who is to receive property after death.

The result you describe can generally be achieved through the use of a properly drafted inter vivos (living) trust. Please feel free to be in touch with me if you would like to set up an appointment to go over the specifics.

Re: Living Trusts and Taxes

estate taxes cannot be avoided by using the methods you have suggested. these are normally ways to avoid (or assets that are not subject to) probate.

the disposition of your estate can be accomplished as you have described, but this requires a properly drafted trust agreement. there are also a number of other related tax and asset management issues which should be reviewed at the same time (including the preparation of "living wills" [advance health care directives]).

working with an experienced estate planning attorney will greatly increase the likelihood that your goals and objectives will be realized in the manner you desire.

Re: Living Trusts and Taxes

You sound as though you might need an A-B trust. Starting from $500. I am an excellent attorney. I am down to earth with my explanations and advice. Best regards,