If you currently have a trust, it is important to review it with an experienced attorney and note any changes that may have occurred since your last trust review. Be sure to examine the list below to assess whether you are due to speak with Robert L. Ferris, San Francisco attorney for a trust review:
• Has it been more than 5 years since your last trust review?
• Has your spouse or parent passed away?
• Do you have a recorded deed showing that your home has been transferred into your trust?
• Do you have an A-B bypass trust? Such a trust can be very restrictive for the surviving spouse and in most instances is not necessary due to changes in the tax laws.
• When you read your trust, do you understand what it says?
• Do you have assets like bank accounts and brokerage accounts in your trust? If so, you may want to take them out of your trust and instead simply identify the pay on death beneficiary for these accounts.
• Do you want peace of mind knowing that your trust has been reviewed by a competent trust attorney?
Significant changes in the Federal Estate Tax Laws may mean that you no longer need a bypass trust (A-B Trust) to avoid estate taxes. A Bypass Trust restricts the surviving spouse’s use of the property, requires a separate income tax return, and assets in the Bypass Trust do not receive a stepped up tax basis upon the death of the surviving spouse.
Have your trust reviewed by an experienced trust attorney. Call Robert L. Ferris, your San Francisco attorney for a trust review, at (650) 488-0431, or if you do not have a trust and wish to discuss getting a trust you can schedule a free 30 minute consultation.