Retitling property into the trust is a very important part of your estate plan. Without retitling the assets properly into the trust you will not be able to avoid probate if this is one of your goals. In addition if property is not titled correctly Read More >>
If I have a Revocable Living Trust do I still need other estate planning documents?
As mentioned before the Revocable Living Trust is only a part of your estate plan. You will still need a will, which is generally a Pour Over Will which acts as a safety net to pour anything that was not properly titled into the trust. Also a Power Read More >>
What do the terms Grantor Trustee and Beneficiary mean and what are their responsibilities?
The Grantor in this case is you, it is the person who sets up the trust. It is generally also the person who funds the trust. The Trustee is the person who is responsible for administering the trust, investing the assets and handling any of the Read More >>
What happens to my Revocable Living Trust upon my death?
Upon your death your trust will become irrevocable and is no longer able to be amended or changed. All of the assets that were in your trust will still be considered in your estate for tax purposes and the Trustee or Successor Trustee if you were Read More >>
If I want to change or revoke the Revocable Living Trust, how do I go about doing this?
Generally to amend or change your Revocable Living Trust or to revoke it you must have proper papers prepared to reflect any changes. If you decide that you want to change or revoke your trust you should get in touch with your attorney in order to Read More >>
What are the tax consequences of having a Revocable Living Trust?
During your lifetime and as long as you are the trustee and managing the trust all of the items which you place into the trust will be taxed using your social security number, therefore you will not see any change at all tax wise. All income will be Read More >>
Are there disadvantages to a Revocable Living Trust?
One of the disadvantages of the Revocable Living Trust is that any expenses which you incur are done so immediately. The expenses are not deferred until your death, as is the case in probate. In addition by properly funding the trust there may be Read More >>
What exactly are the benefits of a Revocable Living Trust?
The use of a Revocable Living Trust allows for property to be managed uninterrupted by incapacity. Through proper planning and funding of a Revocable Living Trust if you were to become incompetent your Successor Trustee will be able to step in and Read More >>
How does my Revocable Living Trust function?
During your lifetime your Revocable Living Trust will pay all of income made to you. In addition it allows for you to use any principle that is needed or requested. Upon your death the Revocable Living Trust will distribute pursuant to your Read More >>
Why should I use a Revocable Living Trust versus a Will?
One of the major benefits of having a Revocable Living Trust is allowing you to avoid probate. Also it will allow you to seamlessly manage your assets if you become incapacitated. Please note however that the Revocable Living Trust does not replace Read More >>