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A living trust may allow a couple to effectively double the basic estate tax exemption ($1,000,000 in 2002, doubled to $2 million). For estates totaling over $2,000,000 this saves over $435,000 in death taxes. If you have a typical will which leaves everything to your surviving spouse, your children may have to pay over $435,000 in taxes that could have been avoided with a living trust.

Please note that the estate tax exemption is slated to increase as follows:
2002-2003 $1,000,000
2004-2005 $1,500,000
2006-2008 $2,000,000
2009 $3,500,000
2010 Repealed
2011 $1,000,000

IS A LIVING TRUST HARD TO SET UP?
No. We can help you set it up as quickly as you want, even in a couple of day’s time if needed.

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Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

Do you have a disagreement with the IRS over taxes due? Have you inherited a difficult-to-value asset on which you owe an unreasonable amount of estate tax? Were you audited and received a notice of deficiency? Did you get caught in a tax trap and owe a huge debt to the IRS you cannot possibly pay?

We can help you:
• Assess the true value of the asset in question
• In many cases, lower your debt by identifying valuation discounts
• File and advocate on your behalf in an IRS appeal
• Petition the federal tax court, or
• File an Offer In Compromise with the IRS

Valencia Law Office of Daniel Mortensen is a Board Certified Tax Attorney who has been assisting clients with complex tax problems in Southern California since 1996. He also has a post-doctoral degree, LL.M., in tax law.

Tax Law Valencia California
In other words, estate tax applies to any assets you leave to your children, siblings, friends and even parents. Under current law, until 2008, everyone receives a $2 million federal estate tax exemption. This means that no estate tax is due on the first $2 million left regardless of recipient. There are some caveats, however, that make the application of this exemption more complicated than it sounds. For example, the $2 million includes any death benefits on life insurance owned by the decedent or where the decedent had any of several specific rights in connection with the policy.

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

WHAT IS PROBATE? Probate is a court-supervised transfer of your property to your heirs. Many people mistakenly think that having a Will avoids probate. The opposite is generally true. Having only a will almost guarantees that your assets will have to be probated. WHAT IS PROBATE?

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax

A living trust is a legal document that replaces what you think of as your will. The living trust makes sure your assets go to the people you choose. It also avoids probate upon death or a conservatorship proceeding if you become incapacitated. Moreover, it allows couples to eliminate or reduce taxes. In addition, setting up a trust gives you a complete picture of your assets and compels you to get your “financial house in order” to transfer the assets into the trust. WHAT IS A LIVING TRUST?

Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax