Legal Question in Wills and Trusts in California

family estate

ive been told the first 1.5 million is not subject to probate. if that is true why would i need a trust?


Asked on 4/30/05, 7:27 pm

3 Answers from Attorneys
Ken Koenen Koenen & Tokunaga, P.C.

Re: family estate

The first $1.5 million is not subject to ESTATE TAXES. An estate over $100,000 is subject to probate.

THAT is why you need a trust.

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Answered on 4/30/05, 11:19 pm
Scott Schomer Schomer Law Group

Re: family estate

The limit you are referring to is for estate taxes. Property not held in a trust or other probate avoidance device is subject to the probate proceess. Probate fees range from 3%-10% of the GROSS value of the estate and your heirs could wait up to two years before receiving any distribution. Using a trust signficantly reduces post-death adminstration time and expense.

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Answered on 5/01/05, 1:57 pm
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: family estate

Not true, only $ 100K. Call me directly at (619) 222-3504.

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Answered on 5/02/05, 7:48 pm


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