In this episode of Tax Blueprints, Daniel Rohr, managing shareholder of Rohr & Associates, untangles the complex intricacies of the lifecycle of a living trust in California. Journey with Daniel as he elucidates the concept of living trusts, their set-up, the type of assets that should go into them, and those that shouldn’t.
Get the answer to commonly asked questions about incorporating S-Corp shares and partnership interests into living trusts, and understand the delicate yet pivotal QSST or ESBT elections needed to maintain the S-Corporation status.
The episode doesn’t just stop there! It delves deeper into the often overlooked connection between a will and a trust, explains why probate is a process best avoided, and discusses the cost and privacy implications associated with it.
Finally, navigate the post-death phase of a living trust with Daniel, from the acquisition of an EIN, filing tax returns, to the eventual distribution of assets and closure of the trust. This episode is a goldmine of information for those planning to set up a living trust and for those who seek a better understanding of this complex yet vital legal document.