3 ms·
We have our house in trust not because of some prop 13 reason but simply because putting your major assets in a living trust is the right thing to do avoid prob
by TomVDB 5y ago
We have our house in trust not because of some prop 13 reason but simply because putting your major assets in a living trust is the right thing to do avoid probate.
It massively reduces headaches for your descendants upon death but AFAIK it makes no difference in terms of taxes.
Anyone who has a little bit of assets (a single house is enough) would be a fool to not have a living trust.
- PaulDavisThe1st 5y agoWhat precisely is it that you think is gained ?
- count 5y agoThere's an entire financial structure the trust provides with a bunch of benefits. No probate, no will/estate issues, it's not counted as an asset for disability determinations, etc.
- TomVDB 5y agoPrimarily ease of transfer. Probate is a pretty long winded process that can take month to close. A living trust avoids most of that. Apparently there are some potential tax optimization options as well, but I don’t know how that really benefits my particular case. (It’s definitely why we did it.) Here’s more info: https://www.scscourt.org/self_help/probate/medical/living_trust.shtml#pros https://www.scscourt.org/self_help/probate/medical/living_tr...