A: The assets within a trust may be subject to various taxes in California and at the federal level. The most common types of tax issues include income tax, capital gains tax, and property tax reassessment, with larger estates subject to estate, gift, and generation skipping transfer tax rules. Rebecca Sommer works closely with a variety of seasoned and knowledgeable tax experts to help her clients legally minimize taxes and maximize the benefits to their loved ones.
A: Probate is the lengthy and sometimes costly process wherein assets are released after your passing and may be used to pay off debts. To avoid probate, trusts can be drafted and used to help protect assets from creditors and ensure that money is released quickly to beneficiaries on your death.
A: Trusts can be immensely helpful for individuals and families of a variety of income levels. Use a trust to help finance future education, provide for children, or ensure that a meaningful cause is funded before and after your passing.
A: While a will legally establishes how and to whom your wealth and possessions will be distributed after you’ve passed away, it is subject to probate. A trust also allows you to dictate who receives your wealth when you pass away but it avoids probate and has extra benefits like the ability to have someone step in to manage your assets if you're incapacitated without having to go to court, protects against your loved ones irresponsibly spending all of the generational wealth you've accumulated, prevents Medi-Cal claw back, and much more.
Call For A Free Assessment Of Your Needs - (657) 571-1241
