Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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Irrevocable trusts, taxes and control

Many people in California do not always stop to consider the benefit of creating a solid estate plan. If you are one of those people who has committed to taking the time to put a plan in place, good for you. You and your family will have peace of mind knowing that your affairs are in order and in alignment with your wishes.

If you are considering establishing a trust, you may be doing so because you have heard that a trust is more advantageous from a tax perspective than a will. That may or may not be true depending upon your situation. The type of trust you establish may also impact the ultimate tax implications for your estate. Fidelity explains that an irrevocable trust may offer some strong tax advantges but that does not come without giving up something and in this case that means control.

This type of trust puts your assets in the trust's name, not your name. This means they are no longer part of your estate and therefore not subject to estate tax when you die. However, you are not able to change this type of trust unless you get the authorization of both the trustee and the beneficiary. Many life events may warrant a change in your estate plan so this type of trust should be carefully considered for this purpose. 

If you would like to learn more about estate planning and where you should start if you are interested in a trust, please feel free to visit the revocable and irrevocable trust page of our California estate planning website.

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

Del Mar Office
445 Marine View Ave Ste 300
Del Mar, CA 92014

Phone: 858-356-4568
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301 Mission Avenue Suite 205
Oceanside, CA 92054

Phone: 760-712-3889
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