Micah Scheinberg is an established presence in the Manhattan Beach financial community who leads an office of Alex Brown, a division of Raymond James. Among the services Micah Scheinberg coordinates with clients across Southern California are trust and estate planning.
Trust funds provide an efficient way of passing assets to heirs and the next generation. As a legal entity, they are set up to ensure that property, or assets within the trust, can be controlled, held, and distributed, with strict safeguards in place to ensure the integrity of those assets.
There are many types of trusts, each with its own structure and objectives, with clauses in the trust laying out just how funds should be administered and invested. One common benefit most trusts offer is minimizing tax burdens. For the 2021 tax year, estate taxes are triggered only when an $11.7 million threshold of accumulated assets per individual is reached. In addition, an estate tax marital deduction provides a tax exemption for the estate, whatever its size, as long as the money directly passes to the principal’s spouse.
Another advantage offered by trusts is in avoiding the time-consuming and often expensive probate process. Instead of going through state court, assets pass with minimum hurdles to beneficiaries, at the same time protecting assets from beneficiaries’ lawsuits and creditors.
Trust funds provide an efficient way of passing assets to heirs and the next generation. As a legal entity, they are set up to ensure that property, or assets within the trust, can be controlled, held, and distributed, with strict safeguards in place to ensure the integrity of those assets.
There are many types of trusts, each with its own structure and objectives, with clauses in the trust laying out just how funds should be administered and invested. One common benefit most trusts offer is minimizing tax burdens. For the 2021 tax year, estate taxes are triggered only when an $11.7 million threshold of accumulated assets per individual is reached. In addition, an estate tax marital deduction provides a tax exemption for the estate, whatever its size, as long as the money directly passes to the principal’s spouse.
Another advantage offered by trusts is in avoiding the time-consuming and often expensive probate process. Instead of going through state court, assets pass with minimum hurdles to beneficiaries, at the same time protecting assets from beneficiaries’ lawsuits and creditors.
