Asset Planning, Inc Blog

The latest from the team.

Top Reasons to Set Up a Living Trust

 

Even if you are not super wealthy there are many benefits to setting up a living trust. A living trust is a document set up by an estate attorney to help you manage your assets, including property while you are alive and names a trustee to act on your behalf to carry out your instructions, if you become incapable of caring for yourself or pass away. Here are a few of the top reasons why you should set up a trust.

Avoids Probate- A trust allows your heirs to bypass probate which can be a lengthy process and your estate can be charged up to 5% in probate fees. This can mean a substantial savings in time, legal fees and paperwork.

Protection Against Disputes- Unfortunately there may be someone who is unhappy with the way you have instructed to have your assets distributed. A trust is harder to contest than a will is because they have to be able to prove that you were under undue pressure or influence in setting up the trust which is nearly impossible.

Flexibility- Trusts offer more flexibility in how you can distribute the funds. In the case where you may have minor children you can specify how the money is spent and when they would have full rights to the funds.

Avoids Estate Taxes- A trust can provide a way to avoid or reduce estate taxes because assets and property placed into a trust are not subject to these taxes.

Minimizes Family Conflicts- You can specifically detail exact items and monetary distributions to be given to each beneficiary. This helps to curtail any of the “who gets what” problems that may arise with family members.

Privacy- Trusts, unlike wills, are private because they do not go through probate. This means your assets and who you leave them to are kept private.

Continue reading
  1641 Hits
Tags:

Search Blogs Module

Wait a minute, while we are rendering the calendar
cell phone provider notary services prescription eyeglasses IRA accounts tax deadlines checklists emergency folder July 6 tax season trust Asset Planning wells Fargo Amazon Labor Day bottom line card reader gap insurance pet Orange County CA FTB clients show support app September 30 2020. Federal Trade Commission website years family members people medications July 3 rd illiegal robocallers CARES Act paperwork clutter Treasury Department “ skimmer ”. 23 andme 4 pm -8pm retirement accounts September 9 Social Security Administration September 8 Fox News story stock pile Roth IRA fun atmosphere information Facebook January 10 Victor Dergunov tax filing deadlines stimulus package Medicare Part B premiums Open Enrollment donation items Part D premiums . National Ice Cream month Erin Nelsen relief efforts vacation documents Medicare plan credit cards Shred paperwork July weekend identity thieves Kraig Mathias TD Ameritrade 2017 Equifax breach water … home mortgages Charles Schwab Orange County Superior Court partner /owner home break-ins estate Supplemental Security Income retirement plans text messages information opt-out house sitter IRS deadline 401K clients trustee client portal donation counts Coronavirus Aid Brexit vote retirement items news coverage investment statements phishing scams email notifications cell phone service provider payments non-prescripstion sunglasses padlock Flexible Spending Account Economic Security toilet paper check lists Affordable Care Act 70 1/2. health care costs emergency kits clone counterfeits 20 year anniversary privacy settings Mobile Banking Security Tips portal credit monitoring service jury duty February 14 COVID -19 virus estate planning home spring cleaning Wells Fargo customers tax records April 15 identity theft phone Legal robocalls fees birth certificates Wells Fargo employees emergency kit Retirement Contribution Limits credit card fraud phishing sites Healthcare operations manager 900 number Medicare question pet industry Independence Day spread Medicare Advantage coronavirus settlement options contribution limit blog post retirement planning ice cream health care services increase EEChecklist-Kits.pdf stockpilingchecklist.pdf market turmoil flash drive Two-Step Verification assets disaster areas vision screening business hours FEMA website FSA cell phones credit score tax deadline CFP ® estate planning direction breach pet supplies Expired medications IRS interest Puerto Rico home emergency preparedness kits Part B asset Planning scams https :// official certification CERTIFIED FINANCIAL PLANNER exam banking spam phone Kiplinger Letter ice cream event driver license integral member earnings fallout summer policy April 11 pet donation drive Open House holidays approach https ://seekingalpha paper records account numbers consumer spending offering insurance markets April 18 2017. D premiums October 1 2020. credit card company June 29 borrowing money phone companies web address rescue organizations pets Auto insurance July 4 insurance policies executive order tax returns interest rates hurricane Dorian debt Financial Planning Magazine insurance policy Joey Gonzales money car loans chip-enabled EMV cards cell phone carriers offer life saver fun facts parking spots cell phone SIM swap scam Notary Public 2017 IRA contributions self-help topics company Medicare Part B media accounts memorial Day weekend home security Social Security earthquake app California Lions Friends records Medicare Facebook profile president Trump credit freeze student loans team members home emergency kit Ice Cream Social ID card drive /usb privacy notices cell phone carriers VOIP landline phones DNA test kits 2017 TD Ameritrade National LINC Conference 2018 IRA contributions