Federal taxes can eat up a significant portion of the value of your estate over $1,000,000 when it goes through probate. Even a moderately-sized estate can easily exceed the million dollar mark once a home, life insurance and vehicles are added in.
The state will also take a share for taxes and there are a number of fees and administrative costs that can send the cost of probate soaring into the sky. Beyond that, probate can take anywhere from 6 months to several years if your will is challenged.
Trusts are generally exempt from probate
and may help you lessen or avoid taxes
This is why so many people take advantage of Trusts: trusts generally do not go through the probate process and usually won’t count toward the million dollar estate value mark that triggers federal taxes.
Another trust advantage: privacy
Probate proceedings go into the public records. That means details of your private financial affairs will be published in the public records and will be available for anyone to read. Since a properly designed trust does not go through probate, you can keep your personal affairs private.
Arizona trusts and estates lawyer Brian Utsey knows
There are dozens of types of trusts, each with advantages and disadvantages. It can be very complex. That’s why the Law Office of Brian Utsey can refer you to a number of experts to consult with you concerning everything from insurance to investments to taxes.
Your one-hour initial consultation is free
Arizona Trusts and Estates Attorney Brian Utsey is available to help you start or modify your trust. He can help you decide which options are right for you.
Call Arizona Trusts and Estates Attorney Brian Utsey. He’ll come to you to begin the process of creating or modifying your estate plan. Call today at 480-538-5024.