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Category: Revocable Trusts and Living Trusts

Do I have to move my Gloucester County house into my Revocable Living Trust?

Posted on Wed Sep 9, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: I had a Revocable Living Trust created several years ago, but I have not put anything into it. I own my Philadelphia home, a few bank accounts and investment accounts. I want everything to pass to my daughter at my death, but she lives in California, so I want the transfer to be easy. Should I move my house from my name into the Revocable Trust?

The goal you have stated in forming your Revocable Living Trust was to make things easier on your daughter who lives in California. Though your intentions are good, without moving the house into the trust you really have done nothing to help her.

The basic idea surrounding a Revocable Living Trust is that during your lifetime you either move your assets into the trust or you set things up so that at your death, they pour into the trust.

Trust Options to Protect Against Future Creditor Claims

Posted on Wed Sep 2, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: I have been diagnosed with the early stages of Alzheimer’s and need to create a way to have my son assist me as the disease progresses. Can a Revocable Living Trust help my son assist me with my diminished capacity and against any creditors that may arise in the future?

You are wise to start planning now to address your Alzheimer’s. Most people put off this planning, and that rarely ends well.

Creating a Revocable Living Trust that names both you and your son as co-trustees, each able to act independently, is a good system to help prepare for the future.

How do I shelter money I will leave my son from my future daughter-in-law in Florida?

Posted on Mon Aug 31, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: My son refuses to get a prenuptial agreement, how do I shelter the money I will leave him from my future daughter-in-law?

If your son refuses to protect himself, you have other options to protect the money you leave him. Instead of leaving him his inheritance outright, through your will or Revocable Living Trust you can form a protective trust to hold his inheritance.

What good is an Irrevocable Life Insurance Trust for me in New Jersey?

Posted on Fri Aug 14, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: < strong>My estate is worth about $4,000,000, which includes a $1,000,000 life insurance policy. At my death, my estate passes to my two children. Now that the Federal Estate Tax Exemption is at $5,000,000.00, what good is an Irrevocable Life Insurance Trust for me?

In rough terms, as long as your estate stays under $5,000,000.00 (adjusted for inflation) at your death your estate will not owe any Federal Estate Tax, but you are a resident of Camden County, New Jersey, so you are forgetting about the New Jersey Inheritance Tax and the New Jersey Estate Tax. If your assets pass to your children, the New Jersey Inheritance Tax will be zero, but the New Jersey Estate Tax taxes all assets over $675,000.00.

Changes to New York Revocable Living Trusts – Trustees

Posted on Thu Jul 16, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: I formed a Revocable Living Trust to avoid New York probate and named my two sons as the co-successor trustees. It seemed a good idea at the time, but now they are not speaking to one another. Should I change the trust?

Many New Yorkers have formed Revocable Living Trusts to avoid the expensive New York probate process. For the trust to work properly, after your death, you need a successor trustee to step in to pay your final bills, taxes and to then distribute the trust assets to your heirs.

Revocable Living Trusts in PA to Protect Grandchildren Inheritance

Posted on Wed Jul 15, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: How do I make sure the inheritance that I leave my daughter passes to my grandchildren at her death?

If you leave your daughter an inheritance outright, then-at her death-it will be available to satisfy any creditors or law suits she might have. It might even end up in her husband’s name, rather than passing to your grandchildren.

If I have a Trust in New Jersey, do I also need a Will?

Posted on Tue Mar 31, 2015, on Revocable Trusts and Living Trusts

I am a resident of Atlantic County, New Jersey. If I have recently formed a Revocable Living Trust and moved all my New Jersey assets into the trust, do I still need a Will?

If the goal in forming your Revocable Living Trust was to avoid probate, then you must either transfer all your assets that would otherwise be Probate Assets into the trust during your lifetime or have them pour into the Revocable Trust at your death. That is often done by using a Payable on Death Account or naming the Trust as Beneficiary.

The New Jersey Pour Over Will – A Safety Net for Your Trust

Posted on Fri Jan 30, 2015, on Revocable Trusts and Living Trusts

I am a resident of Gloucester County, New Jersey. If I have recently formed a Revocable Living Trust and moved all my New Jersey assets into the trust, do I still need a will?

If the goal in forming your Revocable Living Trust was to avoid probate, then you must either transfer all your assets that would otherwise be Probate Assets into the trust during your lifetime or have them pour into the Revocable Trust at your death. That is often done by using a Payable on Death Account or naming the Trust as Beneficiary.

Does the Trustee of a Revocable Living Trust Owe a Duty to the Settlor’s Children? The Trustee’s Fiduciary Duty, The Law Develops.

Posted on Wed Apr 16, 2014, on Revocable Trusts and Living Trusts

Trusts are becoming an ever more common part of our lives. You are not atypical any longer if you can talk about your Irrevocable Life Insurance Trusts holding large life insurance policy on your life, or how you set up an Education Trusts to hold money earmarked for the education of generations of your family. But typically, the most likely trust that you would have is the Revocable Living Trust.

No matter what trust you form, there are three components. A Grantor who formed the trust, a Trustee who holds the asset, and the Beneficiary for whom the asset is held. In a Revocable Living Trust, the Grantor, Trustee and Beneficiary are all the same person. You form the trust, you transfer your assets to the trust and you hold them for your own benefit. For discussion about why you would form a Revocable Living Trust, please read my article Is a Revocable Living Trust Right for Me?.

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