Many individuals are under the impression that a revocable living trust won’t save estate taxes. While in general this is right, living trusts are frequently used by families and individuals to take advantage of certain credits and deductions that are available under the tax laws.

Putting assets inside a trust gives you some control over how the assets are distributed but it also may help to remove these assets from your gross estate. If your gross estate is being used to calculate estate taxes and you are beyond the federal exemption amount, using a living trust means that the assets no longer belong specifically to you but rather belong to the trust. This can help you with your overall estate planning process and give you a greater level of privacy than passing these assets on outright may do.

Schedule a meeting with your Pasadena estate planning lawyer to reap all the benefits of a living trust.

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