Does an irrevocable trust owe California taxes? This is actually a quite complex question. Generally speaking, California taxes trusts based on "California income." If the trustees and/or beneficiaries reside in California, then California will tax the proportionate income within the trust based upon the allocated income portion of the trust...
When is an Irrevocable Trust a Sound Estate Planning Strategy?
When is an irrevocable trust a sound estate planning strategy in San Diego and Southern California? Estate taxes may be at an all-time relative low, but estate planning is still an important ingredient for all Californians - especially if you own a home. Trust planning allows your assets to pass...
Should You Consider an Irrevocable Trust for Life Insurance
What is the best strategy for handling life insurance proceeds for your heirs and beneficiaries. It is often important to consider an irrevocable trust for life insurance proceeds to prevent your designated beneficiaries from misusing the funds you have planned and worked so hard to provide. An irrevocable trust is usually...
What is a Legal Trust and Why Should You Consider One
What is a legal trust and why should you consider one if you are a homeowner or are part of a blended family in San Diego? A trust is a common legal tool which allows your assets to pass to your beneficiaries without having to go through the time and...
Remarriage and a Blended Family is an Excellent Reason for a New Trust
Are you consider remarrying in San Diego? Do you and/or your spouse have children from a previous marriage? If so, remarriage and a blended family is an excellent reason for a new trust. Blended families are becoming the "norm" here in San Diego and across the country. What do you...
Why do You Need a Trust in San Diego?
Why do you need a trust in San Diego and how can it save you a substantial amount of money? A trust provides protection for your assets, investments and accounts and provides an additional layer of separation between an individual and any creditor seeking to collect against a liability or...
The Difference Between an A-B Trust and a Disclaimer Trust in San Diego
What is the difference between an A-B trust and a disclaimer trust in San Diego? The classic A-B trust has been around for years. The A-B trust was developed for spouses, and places the property, investments, accounts and assets of a married couple into a revocable trust known as an...