There can be taxes even if you have a living trust. But unnecessary taxes can be avoided if you are prepared for them and plan ahead!
Capital Gains taxes
A capital gain is a rise in the value of a capital asset. If a capital asset is sold (like property or stock), this usually triggers a capital gains tax that needs to be paid to the government (federal and state).
But, be careful when and how you sell capital assets. Watch this short video to learn more....
Capital gains problems can be triggered in situations most people wouldn't suspect that they would. These two short videos will teach you some of the hidden ways that capital gains tax might happen. Watch...
waiting too long
You can do everything right: get a living trust centered estate plan, keep it updated, and make the necessary changes. But if someone passes away and you do not take the proper steps in the time allowed by the government, you may be losing a very large sum of money in the process. Timing is key.