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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Wills can be of various degrees of complexity and can be utilized to achieve a wide variety of family and tax objectives:
- If a will provides for the outright distribution of assets, it is often characterized as a simple will.
- If a will establishes one or more trusts, it is often characterized as a testamentary trust will.
Alternatively, the will may leave probate assets to a preexisting living trust, where it is characterized as a pour-over will. Aside from providing for the intended disposition of your property, there are a number of other important objectives that may be accomplished, such as:
- Designating a guardian for minor children
- Eliminating the requirement for bond
- Designating future custodians for minors
For specific questions about drafting a will, please contact our will attorney in Los Angeles today at (818) 501-5800.
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Tagged Designating a guardian, Designating future custodians, distribution of assets, drafting a will, living trust, Los Angeles, pour-over will, probate assets, simple will, tax objectives, testamentary trust will, Trusts, will attorney, Wills Attorney, Woodland Hills
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.