Stillman Law Offices, LLC

TRUSTS

C’mon Get Happy!: Advantages of Revocable “Living” Trust

A revocable living trust is an agreement by which you place property in a trust and name yourself and/or some other person as the person in charge or the “Trustee” or” Co-Trustee”, but reserve the right to revoke the trust so that the property can be returned to you. Generally, the trust agreement provides that upon your death the property will go to the people you choose. There are generally no tax advantages to this type of trust. Why set up a revocable living trust? The advantages of the revocable living trust include the following:
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Don't let the tail wag the dog:Taxes are not the only reason to have an estate plan.

Most Americans are not in a situation of worrying about paying estate taxes upon their passing. In Minnesota you can pass your heirs, charities and special loved ones up to 1 Million dollars before ever having to pay estate taxes. The IRS allows you to pass up to another 4 Million dollars upon your death before worrying about being taxed at the Federal level. many people ask me with a smirk on their face- "Why do I need to bother with a will or estate plan? - I will never have to pay taxes".

My response is always to ask "What would your 5/10/16 year old child do with $100,000.00?" That is when they stop smiling. Most people who own a home and have a little bit of life insurance and a few odds and ends here and there have an estate of a sizable amount. A basic estate plan, including a Will or Revocable Living Trust, a Health Care Directive and Power of Attorney can help you accomplish the following : More