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Tax Season As a Reminder for Asset Review

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As tax season winds down, many savvy taxpayers use this timing to check the titling of their accounts because all the paperwork has been compiled. Now is one the best times of the year to ensure that assets are properly designated into trust, to avoid the costly mistake of Probate Court. While trustees can Purchase Probate and Trust Assets, this is not a legitimate method of Probate Avoidance. To purchase assets from the Primary Beneficiary’s probate estate, or any trust created by the Primary Beneficiary at their fair market value as of the date of purchase and to lend money to the Primary Beneficiary’s probate estate, or any trust created by the Primary Beneficiary with adequate interest and with adequate security still gives creditors first shot if there are Probate proceedings. Titling experts notice, “More often than should be the case, families go through the effort to create a Family Trust, but then for whatever reason, assets end up outside the Trust.” Perhaps the worst case he has seen to date was a family that attempted to do the titling work themselves through a quit claim deed: a mistake that costed the children tens of thousands of dollars in unnecessary capital gains taxes. What to do: contact the Legacy Advisor Group for a free review, or check your assets to ensure they are either payable to the Trust or inside the Trust.

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