REsidential Appraisals for Estate Planning and Trust
What is a Trust?
A trust is a special fiduciary arrangement that allows a third party, known as a “trustee,” to hold assets on behalf of a beneficiary. Trusts are flexible and can be arranged in a variety of ways to specify exactly how and when the assets will pass to the beneficiary. Traditionally, a trust is used for minimizing estate taxes. However, it can offer other benefits and serve as part of a well-crafted estate plan. Trusts typically avoid probate, so the beneficiary can gain access to these assets more quickly than if they are transferred using a will. Assets in a trust that passes outside of probate will also save time, and court fees, and potentially reduce estate taxes. Trusts also offer other benefits, including:
Giving You Control of Your Wealth – With a trust you can specify the terms precisely, giving you control of when and to whom any distributions will be made. You also have the option of setting up a revocable trust so that the assets remain accessible to you while you are alive, but designate to whom the remaining assets will pass after your death.
Protection of Your Legacy – A trust can also help protect your estate from your heirs’ creditors or from those who are not good at money management. For example, if you have children, you can state that assets in the trust are not accessible until they turn 30 years old
Privacy and Probate Savings – Because probate is a matter of public record, you may be able to protect your privacy with a trust. A trust could allow your assets to pass outside of probate and remain private. This may also reduce the amount of court fees and taxes.
When you are looking for the best way to assign assets to your loved ones, charities, or other beneficiaries after your death, we recommend that you speak to a qualified attorney to assess your specific situation.
How Can an Appraiser Help Me Create a Trust?
Real estate appraisals are needed for many situations related to trusts, including tax planning purposes prior to death and for settling an estate after death. TCO APPRAISALS has years of experience in providing accurate assessments for your largest assets – real property. We can work with your financial professional to make sure that they get an accurate assessment of your property so that you can move forward in the process.
Are There Different Types of Trusts?
There are many different types of trusts. Listed below are the most popular trusts, each pertinent to specific situations:
Marital / “A” Trust
This type of trust is designed to provide benefits to a surviving spouse.Bypass / “B” Trust
Also known as the “credit shelter trust,” this type of trust is established to bypass the surviving spouse’s estate so the spouse can receive federal estate tax exemption.Testamentary Trust
This type of trust is outlined in a will and created through the will after death. Funds are subject to probate and transfer taxes.Charitable Lead Trust
This type of trust allows certain benefits to go to a charity, with the remainder going to your beneficiaries.Generation-Skipping Trust
With this type of trust, assets can be distributed to grandchildren or later generations without incurring a generation-skipping tax or estate taxes when your children die.Qualified Terminable Interest Property (QTIP) Trust
This type of trust provides income to a surviving spouse. When the spouse dies, the remaining assets will go to additional beneficiaries who are named by the deceased.
We recommend you consult with an attorney, Certified Public Accountant (CPA) or another financial professional specific to your circumstances. Depending upon your situation they may advise you to get an appraisal for a trust.
What Other Appraisal Services Do You Offer?
TCO APPRAISALS has a team of certified residential appraisers who have years of experience appraising all types of property in the San Diego area. We can help you determine your property’s value and offer specialized services such as:
Appraisals for Inheritance
When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes.Appraisals for Divorce
When getting a divorce appraisal, it is important to get an accurate estimate of your home's fair market value when dividing assets. The divorce real estate appraisal will help the division and separation process run more smoothly and quickly.Tax Assessment Appeals
Property tax assessments can sometimes be inaccurate or outdated, leading to higher tax burdens for property owners. At TCO APPRAISALS, we leverage our expertise and understanding of local market dynamics to help clients challenge these assessments and potentially lower their tax liabilities.
Appraisals for Bankruptcy
When filing for bankruptcy, it is important to estimate your home’s value accurately. TCO APPRAISALS can help you get an accurate value for your home quickly, ensuring you have the correct information for your bankruptcy filing.Appraisals for Bail Bonds
Those who need assistance posting bail should turn to our team of discreet and understanding real estate appraisers, who can help you determine the value of your property quickly to get your loved one to the home sooner.Mortgage Lending
Understanding the critical role of property valuation in mortgage transactions, we provide thorough and precise appraisals to support lenders and borrowers. Whether it's for refinancing, purchasing a new property, or obtaining a home equity loan, we ensure that the property's value is accurately assessed.
What Other Appraisal Services Do You Offer?
TCO APPRAISALS has a team of certified residential appraisers who have years of experience appraising all types of property in the San Diego area. We can help you determine your property’s value and offer specialized services such as:
Appraisals for Inheritance
When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes.Appraisals for Divorce
When getting a divorce appraisal, it is important to get an accurate estimate of your home's fair market value when dividing assets. The divorce real estate appraisal will help the division and separation process run more smoothly and quickly.Tax Assessment Appeals
Property tax assessments can sometimes be inaccurate or outdated, leading to higher tax burdens for property owners. At TCO APPRAISALS, we leverage our expertise and understanding of local market dynamics to help clients challenge these assessments and potentially lower their tax liabilities.Appraisals for Bankruptcy
When filing for bankruptcy, it is important to estimate your home’s value accurately. TCO APPRAISALS can help you get an accurate value for your home quickly, ensuring you have the correct information for your bankruptcy filing.Appraisals for Bail Bonds
Those who need assistance posting bail should turn to our team of discreet and understanding real estate appraisers, who can help you determine the value of your property quickly to get your loved one to the home sooner.Mortgage Lending
Understanding the critical role of property valuation in mortgage transactions, we provide thorough and precise appraisals to support lenders and borrowers. Whether it's for refinancing, purchasing a new property, or obtaining a home equity loan, we ensure that the property's value is accurately assessed.