Revocable Living Trust

Trusts are simply a different way of owning property. They're not new. In fact, the basic concepts have been around for centuries.

The revocable living trust follows the same principles, but with a few modern twists. A revocable trust is one that you can change – or remove all of your property from – at any time. A living trust is simply one that you make while you are alive (a trust described in your will and created after you have passed away is called a testamentary trust).

It's only been in the last 40 or 50 years that revocable living trusts have become popular for estate planning. In the beginning, trusts were used primarily as a replacement for a will. The primary advantage of these early trusts is that they avoided the expense and delay of probate.

Modern trusts have grown far beyond that initial purpose. Probate avoidance is still an important benefit. But with a trust, you are also now able to:

• Have a close family member or friend transparently manage your assets if you become incapacitated
• Save up to $1 million on your estate taxes by taking advantage of a planning option available to married couples
• Protect your wealth from being lost to lawsuits, creditors, divorce, or accidental disinheritance by your beneficiaries
• Allow your children or grandchildren to benefit from your wealth after you have passed away, but not waste it on cars, trips, and other short-term pursuits
• Provide supplemental income to a child who has special needs without endangering their state benefits (such as Medicaid or SSI)

Call us at (888) 909-1414 or contact us online to schedule a no-fee Discovery Session where you will learn more about how a revocable living trust can help you.