How to Avoid Probate and Taxes
The best way to avoid Probate is to adopt and fund a revocable living trust. A trust is also the best method to reduce and possibly eliminate federal estate taxes. We save our clients’ money while providing peace of mind to our clients and their families.
The Probate Court System is a very public proceeding. All personal and financial information of the decedent is fully disclosed for anyone to obtain. So, having a will alone is simply not private.
To avoid Probate, many clients try to use joint ownership with the right of survivorship. However, joint ownership can result in unintended income tax, capital gains tax and federal estate tax consequences, and even the unexpected loss of the entire asset. Our planning strategies can reduce expensive Probate issues and avoid tax consequences.
The best way to avoid Probate is to prepare and fund a revocable living trust.