Now that you’re planning on getting a living trust to protect your family’s future, you may be wondering if this document will do more than avoid probate. Will it reduce your estate and inheritance taxes for your loved ones when they inherit your assets? Estate planning attorney Randell Doane speaks on the subject.
“The typical revocable living trust by itself is not necessarily going to reduce estate taxes so if I have a very big estate and it’s subject to estate taxes, and I only set up a revocable trust, that which will avoid probate, it will make it easier to manage my business affairs if I’m incapacitated, but it’s probably not going to reduce my estate taxes. Estate tax reduction usually requires a few steps beyond that.”
To ensure your family is not hit with an unexpected tax bill upon your death, proper planning can go a long way. Some planning methods include: Gifting Assets Irrevocable Life Insurance Trusts Charitable Donations No matter the value of your estate, an estate planning attorney will explain the best options for your particular situation. The attorneys at Doane and Doane will be there for you every step of the way during your estate planning process. You have questions, they have answers. Call Doane and Doane or visit doaneanddoane.com Call Doane and Doane or visit DoaneandDoane.com.