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The post Living Trust vs. Will in California: Differences and How to Choose appeared. Today’s choices shape the future for children, great-grandchildren and future descendants. For Californians ...
For many couples, a joint revocable trust is a valuable estate planning tool. They can be easier to manage than separate trusts and administration costs may be lower.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .
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The trust's income can, however, be taxed in the hands of either the trust or the beneficiary. A trust pays CGT at the rate of 20% (individuals pay 10%). Trusts do not pay deceased estate tax (although trusts may be required to pay back outstanding loans to a deceased estate, in which the loan amounts are taxable with deceased estate tax). [54]
Residence trusts in the United States are used to transfer a grantor's residence out of the grantor's estate at a low gift tax value. Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below.
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