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California Trust Question (thank you!)
you might want to ask your sibling if he has a problem filing a gift tax return ?- TrustUser
- Post #11
- Forum: Wills, Trusts and Estate Planning
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Last will / testament and revoke-able trust; how to keep things simple and cost effective?
"completely" - what i meant is that all of your assets are owned by the trust, such that nothing goes thru your estate/probate i never needed a will to handle my parent's assets - it was all done by me, as trustee the concept of pour-over wills is simply if you forget that you own something...- TrustUser
- Post #24
- Forum: Wills, Trusts and Estate Planning
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Last will / testament and revoke-able trust; how to keep things simple and cost effective?
i didnt see the last replies, until after i posted - was not attempting to correct anyone- TrustUser
- Post #23
- Forum: Wills, Trusts and Estate Planning
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Last will / testament and revoke-able trust; how to keep things simple and cost effective?
re-titling - simply means changing the title from what it is today to a new title of "trustee name, trustee of the so-so trust" john smith, an individual, hereby grants to john smith, trustee of the granddaughter trust (something to that effect) you can use any name you want for the trust -...- TrustUser
- Post #22
- Forum: Wills, Trusts and Estate Planning
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California Trust Question (thank you!)
i would think an irrevocable trust would do what you desire it could have instructions for the trustee to distribute the maximum exemption to you, the beneficiary your sibling would be the grantor, but i am pretty sure that he CAN NOT be the trustee you should be able to be your own trustee -...- TrustUser
- Post #4
- Forum: Wills, Trusts and Estate Planning
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Last will / testament and revoke-able trust; how to keep things simple and cost effective?
i know louisiana is very different, but like ron said the lawyers who advertise here in california are typically charging $400 - $700. and california tends to be more expensive in most things. so i suspect that these sorts of situations occur over most states ? they all have their own...- TrustUser
- Post #12
- Forum: Wills, Trusts and Estate Planning
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Last will / testament and revoke-able trust; how to keep things simple and cost effective?
gosh, there are all sorts of attorneys who specialize in the mom and pop trusts they all hold seminars, explaining the trusts, with the hopes of getting people signed up personally, i dont even have a will both my parents died with just their trust, no will i handled all the finances, and...- TrustUser
- Post #9
- Forum: Wills, Trusts and Estate Planning
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Last will / testament and revoke-able trust; how to keep things simple and cost effective?
then i would NOT waste time on a short-term solution there is not a lot to learn about trusts, and most trust packages that you come across will be able to do that job the real advantage and sophistication of trusts comes when the trust manages assets for the beneficiaries, instead of...- TrustUser
- Post #6
- Forum: Wills, Trusts and Estate Planning
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Last will / testament and revoke-able trust; how to keep things simple and cost effective?
first question i have for you - are you wanting your trust to manage your assets after both of you pass ? or are you just looking for the trust to pass to your beneficiaries directly, without probate ?- TrustUser
- Post #4
- Forum: Wills, Trusts and Estate Planning
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Gifting primary residence into irrevocable trust
you dont even need the beneficiaries imo, this was never an irrevocable trust and i suspect that it could be legally challenged, if there was ever a reason to do so- TrustUser
- Post #5
- Forum: Wills, Trusts and Estate Planning
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Gifting primary residence into irrevocable trust
an irrevocable trust that can be revoked ?? gosh that reminds me of a life sentence with a 5-year eligibility for parole!!- TrustUser
- Post #3
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
i dont know if you are aware, but there has been a mass exodus of residents out of california, who were good citizens, paid their taxes, etc. etc. and a mass influx of people who want something for nothing, over the past several decades. we are very close to becoming a socialized state. i am...- TrustUser
- Post #20
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
i understand your sentiment, but some states have no income tax at all we need to attract businesses, here. and then we need them to stay. no matter when they come, the property tax rate on that building will be greater than in most other places but we may be able to offer some other...- TrustUser
- Post #19
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
just fyi - i dont know any californian who does not like prop 13. you would probably need to live here, to appreciate it. we are not like most other states in the union, in regards to property. values skyrocket. lots of people do stay in their homes, longer than they otherwise would - simply...- TrustUser
- Post #17
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
okay, here is a question for you. i am not positive how this basis works. my mom died this year. it has always been my understanding that we (me and my siblings) could get a step-up in basis for her house, BUT AT THE SAME TIME keep her original basis for property taxes, because we are related...- TrustUser
- Post #14
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
okay, fair enough. i will still disagree with you on the percentage of trusts that are not revocable grantor trusts, brought to this site. in fact, i would be surprised if you could comb thru this entire forum, and come up with even 1 that is not so - ones in which they do not specifically...- TrustUser
- Post #13
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
to the op - i prepare my own trusts by myself. i dont know how your trust was written, but whenever i use a term like "realized gain", i attach a definition to it, in my definition section. in this way, there is no need to interpret anything. lots of times a phrase can be used incorrectly...- TrustUser
- Post #10
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
with regard to your point about beneficiaries, you do seem to be correct. i cant find anywhere that it states the heirs must be related. has this always been the case for the past 25 years ? i know in california, we can keep the original basis, in regards to property tax - but only if we are...- TrustUser
- Post #9
- Forum: Wills, Trusts and Estate Planning
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Trust payout question
you continue to harp on the trust being a revocable grantor trust. to me, that appears to be someone attempting to look smart. as i have told you a million times now - just about all of these trusts are revocable grantor trusts. to harp on the one in a million is a bit nonsensical. i also...- TrustUser
- Post #8
- Forum: Wills, Trusts and Estate Planning
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