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LEGAL READ: How to Choose a Trustee
Establishing a Revocable Living Trust for yourself and your family is worthwhile for many reasons I’ve written about previously, including: avoiding probate; maintaining privacy; controlling when and how young loved ones inherit assets; estate tax mitigation; etc. But perhaps the most compelling reason is to create a “financial succession” vehicle, designed and optimized to ensure that your assets are handled the way you want, both during your life and after you’re gone.
LEGAL READ: Living Trusts – How Far Does Privacy Go?
Consumer articles about estate planning don’t often venture into discussions about privacy and disclosure law as it relates to Living Trusts. So, I thought it would be interesting to outline some of the key privacy and disclosure rules in California. The primary questions are: a) when are certain third parties entitled to notice and a copy of your Living Trust?; and b) what third parties are so entitled? As you’ll see, for married couples who have a trust, when the notice requirement arises is a function of how the trust is structured.
LEGAL READ: Is Your Living Trust a Bomb Ticking Silently?
This blog post is very similar to an article I wrote in mid-2014. I have chosen to address this topic again because: a) it is very important; and b) most people are still unaware of the featured 2013 Federal Estate Tax law change and its potentially critical implications. I strongly recommend that people have their estate plans reviewed at least ever 3-5 years, or sooner if any significant personal, familial or financial changes have occurred. Given this major law change and its potentially profound consequences for many married couples who have living trusts, it is important to have your estate plan reviewed sooner rather than later.
This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.
Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.
ESTATE & TRUST ADMINISTRATION: Need to find an experienced estate & trust administrator in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on a Revocable Living Trust, “Summary” Estate Administration, Trust/Estate Beneficiary Representation and Will & Trust Disputes.