A living trust is a unique estate planning tool because it effectively transfers ownership over specified assets and property to someone else through a third party, while giving the original owner a varying degree of control while the assets remain in the third party’s care. This is important in the context of estate planning at
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You have gone through the steps, talked things through with an estate planning professional, and have signed off on the final draft of your living trust. You have registered it at your local notary, amended the paperwork on all relevant possessions to reflect your new trust, and are working closely with your trustee to make
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A trust can be an excellent estate planning tool, passing assets to loved ones while avoiding the probate process, and potentially eliminating the need to pay an estate tax (when implemented correctly). But there is far more nuance to a trust than most might guess, and there is far more to implementing a revocable vs
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In estate planning terms, a trust is both an agreement and an entity, created for the purpose of holding assets and accounts ‘in trust’ until they are ready to be distributed to designated beneficiaries. Trusts must be ‘funded’, which involves amending the assets mentioned within the trust document to reflect that they are now part
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For some reason, there is some misconception about the role that living trusts play in the taxation of estates, and taxes in general. While some living trusts can provide certain tax benefits, it is important to distinctly note that they do not outright avoid taxes. Taxes are still an important consideration for any living trust,
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While estate and living trust gifting is often put off because of the uncomfortable topic of death, it is one of the most significant gifts you will ever leave behind. Estate planning is about more than just protecting your own legacy – through a well-constructed and expertly crafted estate plan, you will have the
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Retirement accounts can be a great way to ensure that you have a robust nest egg as you age, and if you happen to pass away with something left on the account, it will go to your loved ones. But which ones? That’s where assigning a retirement beneficiary to your various assets and accounts becomes
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There are things a living trust can and cannot do. While having a comprehensive estate plan is important, it’s also crucial to take note of the fact that a trust is not a form of magic, but a legal document with stringent rules determining how it may be used, and when it should be deployed.
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Death is a difficult subject, and every loved one’s passing is marked by a long period of mourning and remembrance – but when that period is mired by financial and legal complications in the form of lengthy, unnecessary, and intrusive probate issues, then the memory and legacy of a loved one can feel tarnished or
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When you begin planning your estate, you’ll likely come across the terms “will” and “living trust.” These estate planning options serve substantially different needs. While almost everyone has heard of a will, fewer people have heard of living trusts. Learn more about the differences between wills and living trusts to figure out which one best
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