Will a living trust save me money on taxes?

Estate & Tax Attorney Stefanie Lipson shares advice on estate planning and explains how a living trust is not an estate tax saving device but a properly structured trust can help with tax savings
Does A Living Trust Save You Money On Taxes? - Estate Planning
KidsInTheHouse the Ultimate Parenting Resource
Kids in the House Tour

Will a living trust save me money on taxes?

Comment
339
Like
339
Transcription: 
There's a common misconception that a living trust is actually an estate tax saving device, and it's not. You can actually do with a living trust, the same thing you can do with a will in terms of structuring your estate to maximize the state tax benefits, but it doesn't actually save you any taxes. It really is, primarily, a device to avoid probate after you have passed away and to make sure that the assets are administered properly for your benefit during your lifetime. That being said, you can do a lot within your trust or your will, to properly structure your plan so that you are getting the best tax-saving benefits available.

Estate & Tax Attorney Stefanie Lipson shares advice on estate planning and explains how a living trust is not an estate tax saving device but a properly structured trust can help with tax savings

Transcript

Expert Bio

More from Expert

Stefanie Lipson

Estate & Tax Attorney

Stefanie J. Lipson is an attorney in the Family Wealth Planning Group of Greenberg, Glusker, Fields, Claman, & Machtinger, LLP.  Stefanie’s practice focuses on comprehensive estate planning for high net worth individuals, family business succession planning, probate and trust administration and the law of tax exempt organizations.  Stefanie counsels her clients with a holistic approach to wealth transfer solutions, structuring plans to meet a family’s individual needs while addressing the complex estate, gift and income tax implications of wealth transfer.  In addition, consistent with Stefanie’s belief that the most effective estate planning begins early, Stefanie has developed an estate planning program designed specifically to meet the planning needs of young families as they encounter common life events. 

Stefanie’s unique approach and application of Trust and Estate law has been well acknowledged by the legal community.  She served as a panelist at the 2010 Southern California Tax and Estate Planning Forum in a discussion involving multijurisdictional issues in estate planning and has authored publications for The Los Angeles Daily Journal and The Recorder.  Stefanie has been listed in Southern California Rising Stars each year since 2009.

Stefanie received her Bachelor of Arts in 2003 from University of California Los Angeles, graduating magna cum laude with the distinction of departmental honors and a member of Phi Beta Kappa.  Stefanie received her J.D. from the University of Southern California Law Center in 2006.  Following her graduation from USC, Stefanie clerked for the Honorable Fred Keiser, Jr. in the New Jersey Superior Court, Family Law Division.  During her time with the court, Stefanie also served as a court appointed mediator for small claims civil matters. 

In furtherance of her estate planning work, Stefanie is currently pursuing a Master of Laws in Taxation (LL.M.) from New York University School of Law.  Stefanie’s studies at NYU focus on estate, gift and income tax matters relating to wealth succession planning and family business ownership.

Stefanie lives in Los Angeles, with her husband Marc and their new son Noah, whom she regards as her greatest achievement.

Guardianship, Wills and Trusts
More Parenting Videos from Stefanie Lipson >
Enter your email to
download & subscribe
to our newsletter