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Does a Trust make sense for a modest estate?
If your estate is over $60,000, then it will pass through probate.
The benefits of trusts are not only for the rich. In prior years, it was impossible to find an estate-planning attorney to prepare a trust for under $1000.00. At that price, many middle class families could not afford the protection of a trust. Now, attorneys can prepare trusts that are identical to those prior trusts, but at a fraction of the cost.
If I have a Trust, do I also need a Will?
Yes. We will prepare a pour-over will that is designed to work with your trust. All of your smaller assets which you did not put into your trust will be gathered up and "poured" over into your trust at your death.
801 Pacific Avenue
Long Beach, CA 90813 USA
phone: (562) 436-9292
fax: (562) 436-3131
voice: (800) 801-7221
email:info@gabriellaw.com
How can a Living Trust eliminate or reduce estate tax?
Generally, if your estate is worth more than $600,000, there will be an estate tax liability. The estate tax rate begins at 37% and goes up to 55% of your estate's value. If you are married, an A-B trust (also known as a marital trust) will allow you and your spouse to pass up to $1.2 million to your heirs, free from estate tax. There are other methods of reducing your estate tax, such as charitable trusts and trusts set up for your children or grandchildren. If your estate is or may be subject to estate tax, then there is a number of advanced estate and tax planning techniques that can save your estate thousands of dollars.
How long does it take to prepare a Living Trust?
Your living trust, pour-over will and transfer documents can be prepared in two weeks. If needed, we can prepare your estate plan in less time.
Will an attorney prepare my Trust?
Absolutely. An experienced estate planning attorney will meet with you and discuss your trust and then will prepare the documents.
Why have an attorney prepare my Trust and Will?
An improperly prepared document can be disastrous to your estate and beneficiaries. The attorney will keep a notarized copy of all documents on file to protect you if you lose the original. An experienced attorney can give guidance to crafting a trust that fits your specific wishes.
What happens if I die without a Will or Trust?
Your entire estate will go through probate and the state decides who gets your property. The state has a formula of dividing your property that, in most cases, is not what you would have wanted.
