What Happens with Capital Gains Tax When You Inherit a Home in California? An example involving a daughter navigating her mother’s trust illustrates how the step-up in basis works. When Samantha’s mother, Mary Lou, passed away earlier this year, Samantha found herself navigating the responsibilities of trust administration for the first time. Mary Lou had…
📜 New Law Makes It Easier to End Low Value Irrevocable Trusts in California Starting January 1, 2025, California madeit easier to terminate small irrevocable trusts and subtrusts that no longer make financial sense to maintain. These updates offer much-needed flexibility for trustees and beneficiaries—but there’s an important caveat: the trust document itself can override…
What Happens to a Trust After Death? Why It Matters for Taxes When someone passes away, their revocable living trust usually becomes irrevocable. At that point, the trust becomes its own taxpayer—and that comes with important tax implications. One of the most surprising? Trusts are taxed much more quickly than individuals. In fact, an irrevocable trust in 2025…
How to Update Your Estate Plan After Losing Your Home in a Fire The recent fires in Los Angeles have left many families facing unimaginable challenges. For those who have lost their homes, recovery often begins with rebuilding and navigating insurance claims. However, it’s also important to assess the impact of such a significant loss…
Understanding the Differences Between Revocable and Irrevocable Trusts in California When it comes to estate planning in California, deciding between a revocable trust and an irrevocable trust depends on the specific needs and goals of the settlor. Each type of trust serves different purposes and offers unique benefits. Here, we will explore the key differences…
