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.
Posted in Living Trust
Tagged Anker Reed HSC, Anker Reed Hymes Schreiber, business, couples, economy, Estate Planning, Estate Planning Los Angeles, Estate Tax, Estate Tax Exemption, Estate Taxes, living trust, Los Angeles, revocable living trust
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:
Posted in Assets
Tagged administration portion, assets, attorney, business, California Lawyer Magazine, economy, Estate Planning, Law Firm, lawyer, Los Angeles, probate, setting up a trust, successor trustee, Trust, trust administration, trustees