"Thank you so much for helping me get through a “terrible” situation! I’ve never dealt with the IRS before and found it quite intimidating! Thank you. "
- Ray O. | TestimonialsTrust owned assets
If assets are owned by a trust, no court is involved in the transfer of assets upon death. Here’s an example: With a Living Trust, instead of owning the property as Jane Doe, the name on Jane’s deed, account, security or other asset is changed to “Jane Doe, Trustee of the Jane Doe Living Trust, dated June 1, 1990”. Jane has total control over the assets as she did before. She can sell, spend, mortgage, give away, or do anything she would do if the trust did not exist. However, since the trust owns the asset, and it is physically impossible for the trust to die, the owner of the asset never dies and probate is not required. Contact us to become your Sacramento Estate Planning Attorney and learn more about revocable trusts today!
Non trust owned assets
Some assets cannot be “owned” by the trust and will either have a designated beneficiary OR a Transfer on Death beneficiary (TOD or POD). These assets will be held in your name as an individual. Life Insurance Policies for example, are owned by an individual, but allow you to name your spouse, your children or your Trust as the beneficiary. When it comes to an Individual Retirement Account (IRA), few know the tax implications involved with ownership changes and even fewer know how complex IRA’s can be when it comes to settling an estate. Always speak with a Trust Attorney regarding transfers of IRA’s.
The funding process requires continued documentation and communication with financial institutions. The Estate Planning Attorneys at Duncan Law | Duncan Tax have extensive experience in dealing with the funding of trust instruments. Think of your trust as a bucket. Your trust contains instructions on what to do with the things in the bucket. Funding is simply the process of putting things into the bucket.
Our staff can review your current assets with you to be sure they are properly placed “under the umbrella” of your trust. Call Today!
