10 Questions and Answers About Estate Planning 

 

Q1. How large should my estate be before I prepare a Living Trust?

A1. An estate that has a gross “value” over $100,000 is subject to probate and the resulting probate costs and fees. These estates could be placed in a Living Trust. That is, if you have a home that is “valued” over $100,000 (very unlikely to be less than that in Los Angeles), your estate will be subject to probate.

 

Q2. Will my real property be reassessed if I transfer it to the trustees under the Living Trust?

A2. No. There are exceptions under California Law for this type of transfer.

 

Q3. Will the transfer of my real property into the trust trigger the “due on sale” clause?

A3. No. There are exceptions to this under State and Federal Law.

 

Q4. Is a separate tax I.D. number required for my Living Trust?

A4. No. A separate tax ID number is not required until the passing of the first spouse.

 

Q5. Can I transfer partial interests of real property into a trust?

A5. Yes you can. The interest will be reflected in the “trust transfer” deed.

 

Q6. I have a will. Won’t this prevent a probate?

A6. No. One the contrary, a will is probated upon the passing of the individual who made the will.

 

Q7. Will I lose control of my assets when I place them into a Living Trust?

A7. No. Nothing in your life changes until the passing or the incapacity of one of the spouses.

 

Q8. How long would it take to prepare a Living Trust?

A8. The normal turn around time is two to three weeks between the first visit with the clients, and the second visit when the documents are executed. The work can be preformed in less time at times.

 

Q9. Can we save Federal estate taxes with a Living Trust?

A9. Yes. The present exemption of $1.5 million can be preserved for each spouse.

 

Q10. Can I be both trustor and trustee under my Living Trust?

A10. Yes. The law provides for this. A successor trustor is named if you can no longer act.
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