Legal Question in Wills and Trusts in California
If a mutual fund (non-retirement) has been designated as going directly to a church upon my death, do I still need to put it into a living trust to avoid probate.
3 Answers from Attorneys
If the mutual fund investment exceeds a million dollars you might have a problem. Similarly, it will be treated as a gift and your estate might have to pay a gift tax for it if it exceeds I believe $10,000. You need to check with your CPA regarding the gift tax allocation for the year.
Wrong. Gift tax is irrelevant to a POD (pay on death/beneficiary designation). And you never have to pay tax on a gift to a qualified charitable beneficiary.
If the mutual fund is held with a properly constructed pay on death beneficary arrangment, putting it in the trust would actually create rather than avoid problems.
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