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Passing Assets and Accounts to Your Heirs

Passing assets and accounts to your heirs and beneficiaries in the shortest time and with minimal or no tax consequence requires expert estate planning.  Allen Barron is uniquely structured to provide a single-source legal, estate planning, accounting and tax solution for complex family trusts, business succession planning and estate plan preparation and review in San Diego.

Anyone who owns a home in San Diego should have a trust.  The cost of a trust is actually quite low, especially when you consider it is often less than 10% of the cost of taking a house through probate upon your passing.  Without a trust, your home must pass through probate court before it is passed on to your heirs and beneficiaries.  This process will take more than a year in almost every case, and the cost of probate is based upon the appraised value of all of your assets – including your home.  It is not based upon the equity in your home, but the full appraised value.  The average value of a house in San Diego is more than $500,000 resulting in probate costs of more than $27,000 for the house alone.

The experienced estate planning and tax attorneys at Allen Barron will develop a plan that protects your home, assets, bank and investment accounts and ensures that your wishes are followed to the letter upon your passing.  The assets are preserved upon the passing of the first spouse in the most effective manner possible through a revocable A-B trust or disclaimer trust.  This provides for the needs of the surviving spouse until their passing while preserving the couple’s assets.  When the time comes, the beneficiaries of the trust gain access to the ownership of the home, as well as the accounts and assets you’ve provided for under the directions of the trust.

Passing assets and accounts to your heirs and beneficiaries quickly and cost-effectively without creating a taxable event is not only a loving thing to do, it is sound financial strategy.  Estate planning protects your wishes, provides for your heirs and beneficiaries while allowing them to have access to assets and funds in an immediate time frame with little or no tax event.  We invite you to contact the trust and estate planning attorneys at Allen Barron for a free consultation at 866-631-3470 to prepare a new trust, or review an existing trust.  Protect your wishes, while providing for your loved ones and the causes which are important to you.