A nice day today, eh?
What about a Living Trust?
To find out more about whether a Living Trust is right for you, read more here.
An alternative estate planning approach is to have a LT in place.
A Living Trust is a revocable, amendable document that can act like a will. But differently. The other type of trust used in estate planning is the irrevocable trust.
By the way, business uses trusts in different ways. Say, for example, mutual funds are often in trust form.
A Living Trust may be useful to achieve some estate planning goals.
A Living Trust can avoid probate. This is because at death the Living Trust owns the trust assets and not the individual.
A Living Trust can lower estate taxes for some people. It depends on how you use it. And your family and asset situation.
A typical situation: A Massachusetts married couple owns more than $1 million. Lawyers suggest using Living Trusts. Similar suggestion for unmarried living together with joint children.
For single people, you can use it in a different way. Apart from estate taxes, the goals of married unmarried and single are similar.
1/31/2021 09:20:42 pm
I find it amazing that having a living trust can help you handle your assets within your passing. I should share him with my friend, who's afraid about what will happen to his assets because of this pandemic. This way, he'd consider hiring a probate law expert for advice!
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I'm Joel Bernstein, an estate planning attorney with over 30 years of experience. I use plain English to help you understand wills, trusts, and the other documents you need to protect your loved ones and your estate.
Most middle-aged people aren’t ready for their inevitable death. We make estate planning simple, affordable, and quick. So people can live in peace, knowing their affairs are in order.