As the Unified Gift and Estate exemption is now $5.49 million per person, is there still a need for a living trust or estate plan? There are many reasons for a comprehensive estate plan other than to save estate taxes. Below are just five of these reasons how a good estate plan can be beneficial and help achieve goals.
1) Avoid probate
In California probate is a process where a will must be proven to the court, and it is notoriously costly and lengthy. In addition to the administrative hassle, probate can also have fees up to 4% of the estate. However, with a trust plan in place probate, with its fees and headaches, can be avoided. Read more