You can think of a will as instructions to a probate judge for how you want your property distributed. A trust is an estate planning tool that handles your property distribution and incapacity planning. If set up correctly, a trust can avoid the probate process and offer the benefits of asset protection for beneficiaries and capital gains tax savings.

It depends. Generally, a revocable living trust is a good fit for most people looking to handle their property distribution, capital gains tax minimization and probate avoidance. With a revocable living trust, the trust doesn’t have an independent tax ID, so you are able to work with your tax professional to file your taxes as before.

The estate tax threshold can change with the federal government administration. If you are near, or as you near the threshold we can discuss the need for advanced planning in which estate tax minimization strategies are implemented.