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Tuesday, April 08 2014

Living trusts is a way to avoid probate and reduce or eliminate federal estate taxes. This section will give you some general information to help you understand what your choices may be, but we still encourage you to talk to a lawyer to get specific answers about your situation. You can usually pay the lawyer’s fees from the property in the case.

How can a living trust help help your estate?

  • A living trust will avoid probate for all assets that have been transferred to the trust. Probate is a costly, time consuming process that many estates do not need. However, there are some cases in which having a living trust will not provide protection against probate because the estate is worth $150,000 or less in assets and probate is not required. Click here for more information: Deciding if you need to go to Probate Court
  • A trust also can avoid a conservatorship, which is a proceeding that the court offers that is expensive, restrictive, and time consuming. Conservatorship are needed when an individual can no longer manage it's own financial affairs. A conservatorship appointed by a court, and also make decisions concerning the living conservatee's arrangements. A trust need to be properly prepared so that it can provide the successor trustee which is the individual who will manage the trust for the benefit of the trustor.
  • For couples who are married or were a registered domestic partner with estates subject to the federal estate tax, a living trust can reduce or eliminate federal estate taxes by setting up an Exemption Trust.
Posted by: Sync Merchants AT 02:09 pm   |  Permalink   |  Email
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