Everyone’s estate plan will vary depending on an individual’s assets and desires on how to distribute those assets. However, at a minimum, everyone’s estate plan should include the following:
Contact Anker, Hymes & Schreiber, LLP today to speak with our experienced Estate Planning Attorney in Los Angeles regarding your estate plan.
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A revocable living trust allows couples to effectively double the estate tax exemption (currently $5,000,000). If you only had a will, as opposed to a trust, which left everything to your surviving spouse, you would lose your exemption.
The trust lets you keep your exemption, which could potentially save over $1,000,000 in taxes.
For specific questions about setting up a living trust and estate taxes, please contact our Estate Planning Attorney in Los Angeles today at (818) 501-5800.
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Whomever you named as successor trustee will take over the administration portion of our trust and distribute your assets in the manner you specified.
Please see the following previous posts for additional information regarding trustees:
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A revocable living trust is a legal document that designates what you own and who you want it to go to and when. Because this document is revocable, it may be modified during your lifetime.
The revocable living trust avoids the need for probate and/or conservatorship proceedings. Additionally, it can allow you to reduce or even eliminate taxes.
Most importantly, the revocable living trust allows you to see your compete financial picture which may help you better prepare for the future.
For additional questions about setting up a living trust, please contact our Trust Attorney in Los Angeles today.