A Revocable Living Trust provides the ability to better manage and protect assets for beneficiaries while also minimizing probate costs.

A Revocable Living Trust is a grantor trust for income tax purposes. Similar to a disregarded entity (i.e. single member LLC), all income, credits and deductions of the revocable living trust are included on the grantor’s tax return.  Since individual income tax rates are lower than trust & estate income tax rates, a revocable living trust, rather than an irrevocable trust, may be the best option.

If you are married with children and do not have an estate plan, then you should definitely organize one to include a revocable living trust.

Key Points:

  • Consider establishing a Revocable Living Trust to better manage and protect assets.
  • Instead of titling assets that you own in your sole name, consider the benefits of titling assets in the name of your revocable living trust.
  • Review your estate plan annually to confirm the following documents are properly organized and include current information:
    • Durable Power of Attorney
    • Last Will and Testament
    • Living Will
    • Revocable Living Trust Agreement(s)

If you have any questions or are interested in more information, please call +1 (813) 490-3994 or click here to contact me.