You should review and update your trust in San Diego every two to three years.  If you have created an estate plan that includes a revocable trust or multiple layers of trusts it is important to review changes in federal and state law, as well as the health of associated parties and the relationship between the grantors and the beneficiaries.

The costs of probate are much too high.  We have previously documented that taking a $500,000 house here in San Diego through the probate process would be $27,000 and take more than a year.  The cost of establishing a trust for your house is a fraction of that price.  The trust allows ownership of your home to pass directly to your designated beneficiaries almost instantaneously and without the need or expense of probate.

Laws change.  Situations change.  If your trust or estate plan was created prior to 2013 you should contact the experienced estate planning, tax and trust attorneys at Allen Barron.  We will review and update your trust documents to ensure:

  • Your tax position is maximized to reduce the amount of your estate that must go to pay taxes
  • The appropriate “funding” of your trust(s).  Many trusts are created and never funded – the assets are not transferred into the trust and are not protected
  • The portion of your estate that is set aside (as an irrevocable trust) upon the passing of a spouse is proportionate to present and future needs
  • Your assets are protected and preserved for the rest of your life
  • Plans are in place for your healthcare and Medi-Cal qualification has been maximized
  • All assets pass to the appropriate beneficiaries

It is important review and update your trust in San Diego every two to three years.  If you have an older trust, or simply haven’t reviewed your estate plan for more than 3 years we invite you to contact us for a free consultation at 866-631-3470.  Learn about changes to federal and state laws, as well as the limitations of an A-B trust versus a disclaimer trust.

 

Contact an Estate Planning, Business Law Or Tax Attorney Today

To set up a free, no-obligation consultation with one of our knowledgeable San Diego based estate planning, business and tax lawyers, or learn more about our tax preparation, accounting and business advisory services call us at 866-631-3470 or contact us.