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Revocable Living Trusts

To overcome the challenges presented by the probate court process and to minimize taxes, many people draft a Revocable Living Trust. Establishing a Revocable Living Trust may allow you to protect a greater share of your property for your loved ones.

Avoiding Probate

The California Probate code states that assets within a Trust are excluded from probate. Once a trust is created, it is important to move your assets into the trust. If the trust is properly funded and is periodically updated to include newly acquired assets, then the probate process should be avoided.

Minimizing Estate Taxes

Under the Federal estate tax law, each person may exclude $5,430,000 of their estate from the estate tax calculation. Because these applicable exclusion amounts are relatively high, most people will not need to contemplate estate avoidance strategies. However, congress periodically changes this exclusion amount so proper planning now and periodically reviewing the trust under future changes to the law can provide the best solutions to avoid estate taxes.

Additional Benefits of Revocable Living Trusts

In addition to probate avoidance and tax minimization, you maintain control of the assets in trust. This means that there are no limitations on buying, selling, or spending assets. You can also revoke the trust during your lifetime. Furthermore, you can change your beneficiaries, select a different trustee, or alter any term of the trust provided that you are mentally competent to do so.

Create a Revocable Living Trust

Contact my office to learn more about the Revocable Living Trust and for a free consultation.

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