I'm considering setting up a trust for my father but would like a second opinion before meeting with an estate planning attorney.
His estate is fairly simple; a home, bank accounts, a CD, a vehicle, 401k (is this eligible for a trust?). I would estimate a net worth of $600k.
I've done some research and wonder if the cost of setting up this simple estate would be less than the cost of probate. How can one determine whether to get a trust or will? Should avoiding probate be a priority?
I understand this is situational and would be best answered by speaking with an attorney but I want to get as much information before I reach out to one. We are in California.
This all started because he almost added me to the property title using a Quitclaim deed. After researching this, I advised him not to because of the gift tax he would incur and the potentially larger capital gains tax I would owe in the future.
Any advice would be greatly appreciated.