12th May 2015

Trusts avoid probate, thus bypassing the court and often resulting in shorter periods of administration. Trusts often are significantly less expensive to administer than probate estates. Trusts provide for management of your assets during lifetime if you become incapacitated.  This … more

15th Aug 2013

At least in California, putting the family home into a Revocable Living Trust essential to avoiding probate and making sure there is an orderly succession to the beneficiaries.   There are other reasons to transfer the home ownership to a trust.  … more

2nd Jun 2013

This video is a good overview of the Charitable Remainder Trust, which is a type of irrevocable living trust, where you can obtain certain tax advantages, reduce the size of your taxable estate, obtain a stream of income, and help … more

15th May 2013

The trustee of a special needs trust has a complex job, which requires the trustee to understand the law and rules of government benefits, as well having the duty to invest funds appropriately.  Add the taxation requirements to prepare and … more

Revocable or Irrevocable Living Trust: In Orange County, an Estate Planning Lawyer Believes It’s a Matter of Choosing Flexibility over Lower Estate Taxes and Less Paperwork

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8th May 2013

One of the more commonly accepted   ways to escape probate is through a living trust.  In a living trust, the estate owner or the grantor, transfers his properties from his name to a trust, while he is still alive.  However, … more

4th May 2013

The 3 most common irrevocable trusts are: 1.  The Irrevocable Life Insurance Trust, often referred to as an “ILIT”.   This kind of trust is designed to create liquidity for payment of estate taxes, and at the same time taking … more

2nd Dec 2012

No.  As the creator of the trust, you have 2 powers that give you ultimate control over the Living Trust:  The power to amend the trust, and the power to revoke the trust.  Also, during your lifetime, as long you … more

The Truth About Revocable Trusts and Taxes

By : | Category : Estate Taxes, Irrevocable Trusts, living trust, taxes | Comments Off on The Truth About Revocable Trusts and Taxes

21st Nov 2012

Many people prefer to create a living trust since there are far less regulations with it and they do not go have through probate. Another reason, or rather misconception is that the taxes are less on a trust than the … more

17th Dec 2011

Presented by Orange County Estate Planning Attorney, Dwight Edward Tompkins. CaliforniaFamilyTrusts.com  .  This blog is intended is intended for informational purposes only and is not intended as a substitute for legal advice by a qualified attorney in your jurisdiction.

18th Nov 2011

Dwight Edward Tompkins, Estate Planning Attorney. California Family Trusts