A living trust does not save on taxes because you retain the ability to amend or revoke the trust at any time. Estate taxes can only be avoided if the assets are effectively removed from your estate. But since you can take back your assets at any time, in reality you still own those assets. As such, federal tax laws include living trust assets in your estate for the purpose of estate taxes. Learn more about avoiding federal estate taxes in this presentation.
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Latest posts by Scott Schomer, Estate Planning Attorney (see all)