California residents often incorporate trusts into their estate plans. Contrary to some popular myths, trusts may have significant value during the life of the grantor, they do not require as much work to create as people might think and they can be useful for those of limited financial means.
Common mistake planning mistakes made in California
According to a recent study, 64 percent of Americans do not have a basic will. While it can be hard to predict what will happen after a person dies, there are several common estate planning mistakes that people make. A common misconception that many people have is that estate plans are only for the wealthy.
Bypass trusts in estate planning
California couples who are planning their will may be wondering if a bypass trust might benefit their situation. Bypass trust works as a tool to limit the amount that a married couple's estate is taxed after the death of one party. Furthermore, property in the form of a bypass trust may not subject to estate taxes.
Strategic estate planning
A recent article on estate planning may interest California residents. While some individuals who are close to retirement have enough wealth to live comfortably, there may be certain circumstances where a person who is building an estate plan requires additional liquidity.
