Revocable
Revocable living trust
The core California document; keeps assets out of probate. We maintain the asset schedule, confirm funding and document community property and basis.
Trusts & Estates · In Coordination with Trust Counsel
Trust counsel designs the structure;
the numbers and filings make it hold.
We work alongside established trust and estate counsel. Counsel handles legal design, drafting and execution; we handle the family balance sheet, estate and income tax projections, appraisal coordination, gift tax and fiduciary returns, and the trust's annual accounting and review.
Email us first
Already in touch? Book · $599
30 minutes online with Wen Shi · credited in full upon engagement
Email is for initial communication only. Sensitive documents are not sent by ordinary email; the channel is arranged separately, with an NDA where appropriate.
Our View
The trust instrument decides how property passes; the numbers and filings decide whether the plan holds — whether assets were actually funded, basis is documented, gifts were adequately disclosed and the trust files every year. Working alongside counsel, we make the legal design hold up financially and for tax purposes.
- $15M2026 per-person estate and gift tax exemption and GST exemption, permanent and indexed
- $19,000Annual exclusion per donor per donee; $194,000 for a non-citizen spouse
- $46,000Combined statutory attorney and executor fees in a California probate of a $1,000,000 gross estate
- 3 yearsIRS limitations period on gift values after adequate disclosure on Form 709; unlimited without it
01How We Work
Roles and Process
Counsel and the firm are engaged and paid separately; information is shared only with the client's written authorization.
01Engagement
How are roles and authority set?
Counsel and firmCounsel: engagement letter; joint or separate representation of spouses. Firm: CPA engagement letter and written authorization to share information with counsel.
DeliverableEngagement letters and information consent
02
Inventory
What does the family own, and how is it held?
Counsel and firmCounsel: family circumstances, existing documents, community versus separate property. Firm: family balance sheet and asset schedule (including foreign assets and business interests), basis, prior Forms 709 and entity and trust returns.
DeliverableBalance sheet and asset schedule
03
Design
Which vehicles, at what cost and tax?
Counsel and firmCounsel: design memorandum — vehicles, trustees, distribution terms. Firm: estate tax projection, cash flow and liquidity, income tax cost of each option, exemption-use plan.
DeliverableDesign memo and tax projections
04
Drafting & execution
Is the tax intent in the documents?
Counsel and firmCounsel: drafts and supervises execution of trusts, wills, powers of attorney and LLC agreements. Firm: reviews grantor-trust status, Crummey powers, GST and situs provisions; obtains EINs; arranges qualified appraisals.
DeliverableExecuted documents and filing calendar
05
Funding
Have assets actually moved into the trust?
Counsel and firmCounsel: deeds and assignments; guidance on retitling bank and brokerage accounts. Firm: confirms funding item by item and records basis and values; with counsel, change-in-ownership filings (PCOR) and, where applicable, Prop 19 parent-child exclusion claims.
DeliverableFunding checklist
06
Administration
What must be filed each year?
Counsel and firmCounsel: advice to the trustee; Crummey notice templates. Firm: Form 709 with adequate disclosure, GST allocation, Forms 1041 and 541, trust accounting, Forms 3520/3520-A.
DeliverableAnnual returns and trust accounts
07
Review
Does the plan still hold as facts and law change?
Counsel and firmCounsel: amends documents. Firm: annual review of exemption use, the balance sheet and tax exposure.
DeliverableAnnual review memorandum
08
At death
How is the transition completed?
Counsel and firmCounsel: trust administration, notices and distributions. Firm: date-of-death values, basis adjustment under §1014, Form 706 or 706-NA, portability election, final Form 1040 and fiduciary accounts.
DeliverableEstate and trust returns
02Key Considerations
Common Trust and Planning Vehicles
ILIT
Irrevocable life insurance trust
Keeps death benefits out of the taxable estate (an existing policy transferred within three years of death is included under §2035); premiums are funded with annual-exclusion gifts. We keep gift records, Crummey notice files and Forms 709.
SLAT
Spousal lifetime access trust
Uses exemption while the grantor keeps indirect access through the beneficiary spouse. We model exemption use and handle Forms 709 and grantor-trust income tax.
GRAT
Grantor retained annuity trust
Moves future appreciation before an IPO or sale; the annuity is computed using the §7520 rate, and only growth above it passes free of gift tax. We model the annuity and coordinate valuation.
IDGT
Sale to an intentionally defective grantor trust
An installment sale freezes value with no gain recognized on the sale. We handle valuation, note terms and the grantor's income tax.
Dynasty
Dynasty trust and GST exemption
For multi-generation transfers and asset protection. We allocate and track GST exemption.
Family LLC
Family LLC or limited partnership
Centralizes family assets for staged gifts of interests; discounts depend on facts and carry §2036 inclusion risk. We coordinate qualified appraisals and partnership returns.
Charitable
Charitable remainder trust and donor-advised fund
For low-basis assets or a liquidity-event year. We model the deduction, payouts and timing.
Foreign
Gifts and trusts from parents abroad
Gifts from foreign individuals over $100,000 a year and distributions from foreign trusts are reported on Form 3520; a U.S. owner of a foreign trust must also ensure Form 3520-A is filed; U.S.-situs assets over $60,000 in parents' names may require Form 706-NA.
QDOT
Qualified domestic trust
Required for the marital deduction when the surviving spouse is not a U.S. citizen; elected on the estate tax return, with estate tax on principal distributions.
03Illustrative Analysis
One $1,000,000 estate: probate versus a living trust
A California resident dies with a gross estate of $1,000,000 (including real estate, before mortgage). In A, there is only a will and assets pass through probate; in B, a revocable living trust was set up and funded during life.
| A · Probate | B · Living trust | |
|---|---|---|
| Statutory attorney fee | $23,000 | No statutory fee |
| Statutory executor fee | $23,000 | No statutory fee |
| Total statutory fees | $46,000 | — |
| Process | Court-supervised, public record | No court, generally private |
Reading the Analysis
California statutory probate fees are computed on gross, not net, value, so mortgaged estates bear more. A living trust works only if assets were actually funded; unfunded assets may still require probate.
Illustrative only, based on California Probate Code §10810 statutory rates; not a specific client. Excludes court costs, appraisal fees, trust setup costs and trustee compensation. No outcome is promised.
04Perspective
Professional Background
Planning is tested years later — in an audit, a diligence process or a family event. Every document is prepared to that standard.
CFA®Investment analysis
Earned in securities and investment firms; for Chinese funds, wealth products and policies, the underlying assets, issuer and available information are established first.
CPALicense & signature
A U.S. CPA license: opinions are signed, and models are reviewable and traceable.
EAIRS representation
Authorized to represent taxpayers before the IRS; when cross-border reporting is questioned, the firm responds directly.
J.D.Legal process (candidate)
Pursued after a first-hand U.S. legal proceeding; cross-border succession rests on powers of attorney, notarizations, trust terms and heirship declarations, handled with counsel at the clause level.
The firm sells no insurance or investment products and charges no asset-based fees.
05Engagement
Terms of Engagement
Counsel bills separately; the firm bills only for financial and tax work.
01
First session
$599
30 minutes online to review family assets, residency and existing documents, and whether a trust should be set up or revised; a one-page memorandum follows.
Credited in full upon engagement
Email us firstAlready in touch? Book · $59902
Planning with counsel
Scoped quote
Projections, appraisal coordination, pre-signing tax review and post-signing funding review, alongside counsel.
Scope and fee agreed in writing
03
Annual administration
Annual retainer
Forms 709, 1041 and 541, trust accounting, Forms 3520/3520-A and an annual review.
For families with existing trusts
Initial Consultation
- 1
Topics
Submit the topic form on the contact page, or email a brief description.
- 2
Information
Sensitive documents are not sent by ordinary email; the channel is arranged separately, with an NDA where appropriate.
- 3
Confirm & book
Once fit is confirmed, book and pay $599.
- 4
Session & memo
A 30-minute online session, followed by a one-page memorandum.
06Suitability
Typical Clients
- Families holding California real estate or securities without a living trust
- Families near or above the estate tax exemption who need projections and planning
- Trustees and families with existing trusts that need annual returns and trust accounting
- Families receiving gifts or inheritances from parents who are not U.S. tax residents
- Families in which one spouse is not a U.S. citizen
Outside Our Scope
- Document drafting only, with no financial or tax work
- Requests for insurance or investment product recommendations
Where a consultation shows the matter is outside our scope, we say so and refund the fee.
Inventory first, then design.
Submit your topics and we will confirm by email what to prepare, then proceed with your counsel or a firm we recommend.
Email is for initial communication only. Sensitive documents are not sent by ordinary email; the channel is arranged separately, with an NDA where appropriate.
General tax information as of October 2026; not tax, legal or investment advice for any specific situation. Rules and amounts may change and their application depends on specific facts. Wen Shi is a Certified Public Accountant, an Enrolled Agent and a CFA® charterholder, and a J.D. candidate who does not provide legal advice. The firm gives no investment advice and sells no insurance or investment products. Legal documents are drafted by licensed counsel chosen by the client or recommended by the firm; counsel and the firm are engaged and paid separately. No valuation discount, tax result or IRS acceptance is guaranteed.
Trusts & Estates
Book
Trusts & Estates · In Coordination with Trust Counsel
Trust counsel designs the structure;the numbers and filings make it hold.
We work alongside established trust and estate counsel. Counsel handles legal design, drafting and execution; we handle the family balance sheet, estate and income tax projections, appraisal coordination, gift tax and fiduciary returns, and the trust's annual accounting and review.
30 minutes online with Wen Shi · credited in full upon engagement Email is for initial communication only. Sensitive documents are not sent by ordinary email; the channel is arranged separately, with an NDA where appropriate.
Our View
The trust instrument decides how property passes; the numbers and filings decide whether the plan holds — whether assets were actually funded, basis is documented, gifts were adequately disclosed and the trust files every year. Working alongside counsel, we make the legal design hold up financially and for tax purposes.
$15M2026 per-person estate and gift tax exemption and GST exemption, permanent and indexed
$19,000Annual exclusion per donor per donee; $194,000 for a non-citizen spouse
$46,000Combined statutory attorney and executor fees in a California probate of a $1,000,000 gross estate
3 yearsIRS limitations period on gift values after adequate disclosure on Form 709; unlimited without it
From signing and funding to transition.
Five points in the life of a trust
- ExecutionIrrevocable trusts need an EIN; a filing and accounting calendar is set
- FundingAssets not retitled remain outside the trust and may require probate
- April 15 each yearForm 709 gift tax returns; Form 1041 and California Form 541
- Major eventsMarriage, births, a business sale or a move call for review
- Nine months after deathForm 706 due date (extension available)
How We Work
Roles and Process
Counsel and the firm are engaged and paid separately; information is shared only with the client's written authorization.
1EngagementHow are roles and authority set?
Counsel and firmCounsel: engagement letter; joint or separate representation of spouses. Firm: CPA engagement letter and written authorization to share information with counsel.
DeliverableEngagement letters and information consent
2 InventoryWhat does the family own, and how is it held?
Counsel and firmCounsel: family circumstances, existing documents, community versus separate property. Firm: family balance sheet and asset schedule (including foreign assets and business interests), basis, prior Forms 709 and entity and trust returns.
DeliverableBalance sheet and asset schedule
3 DesignWhich vehicles, at what cost and tax?
Counsel and firmCounsel: design memorandum — vehicles, trustees, distribution terms. Firm: estate tax projection, cash flow and liquidity, income tax cost of each option, exemption-use plan.
DeliverableDesign memo and tax projections
4 Drafting & executionIs the tax intent in the documents?
Counsel and firmCounsel: drafts and supervises execution of trusts, wills, powers of attorney and LLC agreements. Firm: reviews grantor-trust status, Crummey powers, GST and situs provisions; obtains EINs; arranges qualified appraisals.
DeliverableExecuted documents and filing calendar
5 FundingHave assets actually moved into the trust?
Counsel and firmCounsel: deeds and assignments; guidance on retitling bank and brokerage accounts. Firm: confirms funding item by item and records basis and values; with counsel, change-in-ownership filings (PCOR) and, where applicable, Prop 19 parent-child exclusion claims.
DeliverableFunding checklist
6 AdministrationWhat must be filed each year?
Counsel and firmCounsel: advice to the trustee; Crummey notice templates. Firm: Form 709 with adequate disclosure, GST allocation, Forms 1041 and 541, trust accounting, Forms 3520/3520-A.
DeliverableAnnual returns and trust accounts
7 ReviewDoes the plan still hold as facts and law change?
Counsel and firmCounsel: amends documents. Firm: annual review of exemption use, the balance sheet and tax exposure.
DeliverableAnnual review memorandum
8 At deathHow is the transition completed?
Counsel and firmCounsel: trust administration, notices and distributions. Firm: date-of-death values, basis adjustment under §1014, Form 706 or 706-NA, portability election, final Form 1040 and fiduciary accounts.
DeliverableEstate and trust returns
Key Considerations
Common Trust and Planning Vehicles
Revocable
Revocable living trust
The core California document; keeps assets out of probate. We maintain the asset schedule, confirm funding and document community property and basis.
ILIT
Irrevocable life insurance trust
Keeps death benefits out of the taxable estate (an existing policy transferred within three years of death is included under §2035); premiums are funded with annual-exclusion gifts. We keep gift records, Crummey notice files and Forms 709.
SLAT
Spousal lifetime access trust
Uses exemption while the grantor keeps indirect access through the beneficiary spouse. We model exemption use and handle Forms 709 and grantor-trust income tax.
GRAT
Grantor retained annuity trust
Moves future appreciation before an IPO or sale; the annuity is computed using the §7520 rate, and only growth above it passes free of gift tax. We model the annuity and coordinate valuation.
IDGT
Sale to an intentionally defective grantor trust
An installment sale freezes value with no gain recognized on the sale. We handle valuation, note terms and the grantor's income tax.
Dynasty
Dynasty trust and GST exemption
For multi-generation transfers and asset protection. We allocate and track GST exemption.
Family LLC
Family LLC or limited partnership
Centralizes family assets for staged gifts of interests; discounts depend on facts and carry §2036 inclusion risk. We coordinate qualified appraisals and partnership returns.
Charitable
Charitable remainder trust and donor-advised fund
For low-basis assets or a liquidity-event year. We model the deduction, payouts and timing.
Foreign
Gifts and trusts from parents abroad
Gifts from foreign individuals over $100,000 a year and distributions from foreign trusts are reported on Form 3520; a U.S. owner of a foreign trust must also ensure Form 3520-A is filed; U.S.-situs assets over $60,000 in parents' names may require Form 706-NA.
QDOT
Qualified domestic trust
Required for the marital deduction when the surviving spouse is not a U.S. citizen; elected on the estate tax return, with estate tax on principal distributions.
Illustrative Analysis
One $1,000,000 estate: probate versus a living trust
A California resident dies with a gross estate of $1,000,000 (including real estate, before mortgage). In A, there is only a will and assets pass through probate; in B, a revocable living trust was set up and funded during life.
A · ProbateB · Living trust
Statutory attorney fee
$23,000No statutory feeStatutory executor fee
$23,000No statutory feeTotal statutory fees
$46,000—Process
Court-supervised, public recordNo court, generally privateHow to read it
California statutory probate fees are computed on gross, not net, value, so mortgaged estates bear more. A living trust works only if assets were actually funded; unfunded assets may still require probate.
Illustrative only, based on California Probate Code §10810 statutory rates; not a specific client. Excludes court costs, appraisal fees, trust setup costs and trustee compensation. No outcome is promised.
Perspective
Planning is tested years later — in an audit, a diligence process or a family event. Every document is prepared to that standard.
Wen Shi · CPA, EA, CFA®
CFA®Investment analysis
Earned in securities and investment firms; for Chinese funds, wealth products and policies, the underlying assets, issuer and available information are established first.
CPALicense & signature
A U.S. CPA license: opinions are signed, and models are reviewable and traceable.
EAIRS representation
Authorized to represent taxpayers before the IRS; when cross-border reporting is questioned, the firm responds directly.
J.D.Legal process (candidate)
Pursued after a first-hand U.S. legal proceeding; cross-border succession rests on powers of attorney, notarizations, trust terms and heirship declarations, handled with counsel at the clause level.
The firm sells no insurance or investment products and charges no asset-based fees.
Engagement
Terms of Engagement
First session
$599
30 minutes online to review family assets, residency and existing documents, and whether a trust should be set up or revised; a one-page memorandum follows.
Credited in full upon engagement
Email us first Already in touch? Book · $599Planning with counselScoped quote
Projections, appraisal coordination, pre-signing tax review and post-signing funding review, alongside counsel.
Scope and fee agreed in writing
Annual administrationAnnual retainer
Forms 709, 1041 and 541, trust accounting, Forms 3520/3520-A and an annual review.
For families with existing trusts
How it works
- TopicsSubmit the topic form on the contact page, or email a brief description.
- InformationSensitive documents are not sent by ordinary email; the channel is arranged separately, with an NDA where appropriate.
- Confirm & bookOnce fit is confirmed, book and pay $599.
- Session & memoA 30-minute online session, followed by a one-page memorandum.
Suitability
Typical Clients
- Families holding California real estate or securities without a living trust
- Families near or above the estate tax exemption who need projections and planning
- Trustees and families with existing trusts that need annual returns and trust accounting
- Families receiving gifts or inheritances from parents who are not U.S. tax residents
- Families in which one spouse is not a U.S. citizen
Outside Our Scope
- Document drafting only, with no financial or tax work
- Requests for insurance or investment product recommendations
Where a consultation shows the matter is outside our scope, we say so and refund the fee.
Inventory first, then design.
Submit your topics and we will confirm by email what to prepare, then proceed with your counsel or a firm we recommend.
Email us first Already in touch? Book · $599General tax information as of October 2026; not tax, legal or investment advice for any specific situation. Rules and amounts may change and their application depends on specific facts. Wen Shi is a Certified Public Accountant, an Enrolled Agent and a CFA® charterholder, and a J.D. candidate who does not provide legal advice. The firm gives no investment advice and sells no insurance or investment products. Legal documents are drafted by licensed counsel chosen by the client or recommended by the firm; counsel and the firm are engaged and paid separately. No valuation discount, tax result or IRS acceptance is guaranteed.