Pevney Estate Planning

06/01/2026

Estrada property taxes in California suck.

05/28/2026

at some point a trust must end. Once assets are distributed and there’s nothing more inside of the trust. There’s really no purpose for the trust to exist anymore at that point the trust is dissolved.

05/20/2026

Woodruff52 does a trust have to pay taxes? A living trust while you are alive, typically no.

05/14/2026

05/06/2026

when a person that set up a trust passes away, that trust must be administered according to the written terms of that trust. And well written, trust will have backup trustees as well as backup beneficiaries. If somebody is a trustee and has questions about what to do, the best thing is typically to contact a local attorney about how to handle the trust administration.

04/28/2026

A trust doesn’t just take affect when you have passed away. It also serves extremely important functions while you are alive, but may be medically incapacitated.

04/23/2026

does a trust have to pay taxes if it owns an LLC or does it just go to your personal taxes? How does all of that work. Does it make a difference if it is a rental property? What about the other assets in your trust aside from the LLC or they put at risk for lawsuit?

04/10/2026

N mortgages must be paid on a home even if the corner passes away if we want the home to avoid foreclosure.

04/06/2026

what happens if the creator of a trust is alive but medically incapacitated? This is an essential part of estate planning. We have to make sure that a trustee is both responsible and able to make decisions for the trust maker.

04/01/2026

Are you worried about paying taxes if you give your child $50,000… $100,000… or even more?

In this video, I explain one of the biggest misconceptions in estate planning — gift tax — and why you almost certainly will never have to pay it.

I’m Michael Pevney, an estate planning lawyer in Orange County, California, and I help families create living trusts, estate plans, and asset protection strategies. One of the most common questions I hear is whether someone has to pay taxes when giving a large financial gift.

The reality is:
• You can give $19,000 per person per year (2026) without even filing anything
• Even if you give $100,000 or more, you usually owe zero taxes
• Gift tax is tied to the estate tax exemption
• The federal estate tax threshold is $15 million (single) or $30 million (married)
• Only about 0.1% of estates ever pay federal estate tax

That means gift tax almost never applies to most families.

I also explain:
• When you must file IRS Form 709
• Why gift tax and estate tax are intertwined
• When gifts reduce your estate tax exemption
• Gifts that don’t count at all (tuition, medical expenses, spouse gifts)
• State estate tax issues (New York, Massachusetts, Oregon, Washington, and more)
• Why gifting during your lifetime may actually benefit your children more

If you’re considering helping your child buy a home, pay for a wedding, or transfer wealth during your lifetime — this video will clarify how gift taxes actually work.

This is essential estate planning knowledge for:
• Parents
• Homeowners
• High-net-worth families
• Anyone considering gifting money to family members

I create estate plans, living trusts, and asset protection strategies for families throughout Orange County California, and I post regular videos explaining estate planning in plain English.

Ask a question in the comments — I read and respond.

Visit my website to learn more or schedule a consultation:
https://www.ocestateplanlawyer.com/

Pevney Estate Planning, PC
25201 Paseo de Alicia Suite 140
Laguna Hills, CA 92653

Follow me for more videos on:
• Living Trusts
• Estate Planning
• Probate Avoidance
• Asset Protection
• Trust Administration
• Estate Tax Planning