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Revocable Living Trusts

Wednesday, May 31, 2017

What is a Revocable Living Trust?

A revocable living trust is the foundation of the modern estate plan.  Properly drafted, it offers complete asset control during your lifetime and provides for you and your loved ones in the event of incapacity.  Upon death, it allows you to pass your assets to loved ones without the costs, delays, and publicity associated with probate administration.

In order to understand the benefits of a revocable living trust, we must contrast it with a will. 

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Wednesday, August 17, 2016

Finding the Estate Planning Attorney Who's Right For You

Selecting an estate planning attorney can be overwhelming.  Here are some pointers to help you make the right choice.

Qualifications.  It is fair to question an attorney as to how they developed their estate planning expertise.  Often attorneys who are transitioning, or trying to expand their practice, present themselves as an estate planning attorney although they might have little experience.  Ask how many trusts have   you drafted?  Do you hold any advanced degrees?  To which professional associations do you belong?  Keep in mind that it is impossible to be an expert in all areas of the law.

 


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Tuesday, April 26, 2016

Trust Funding Q & A

What does it mean to fund a trust, and why is it so important?   Once you create a revocable living trust there is one last step that should not be overlooked: funding your trust.  Trust funding  is the process of retitling certain assets to name your trust as the new owner or, in some cases,  naming  the trust as the primary or contingent beneficiary of your assets. Unfortunately, many people who invest time and money into creating a revocable living  trust  fail to do this. With some important exceptions, all of your real property, personal property and business interests should be funded to your trust.   If your trust is not properly funded, many assets may still have to go through a probate proceeding after your death before eventually  reaching your trust and its beneficiaries.

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Friday, April 1, 2016

Do I Need a Revocable Living Trust?

New clients often believe that they do not need a trust because they don’t have multi-million dollar estates. Yet, nowadays, trusts are not only for the rich and famous.  Why?  Because it’s less about avoiding estate taxes and more about the cost savings and protections that trusts can provide.  A properly drafted and funded trust avoids the expense, delay, and loss of privacy that a probate administration would cause.

The following scenarios help my clients understand why a trust may be worth considering.


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Tuesday, March 1, 2016

Time to Review Your Trust!

Things change. Despite all the time and thought that went into creating your trust, life happens.  Often these changes affect your estate planning.  If you don’t review and adjust your plan it may not achieve your desired results when you need it most.

How often should I review my documents?  We recommend reviewing your revocable living trust and will, along with your advance legal directives, at least once every three years.  

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| Phone: 954-885-0085

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