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
  1498 Hits

Search Blogs Module

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