Living Revocable Trusts to Avoid Probate and Save Estate Taxes

If your net worth is more than $338,333.00, you may be able to save a substantial amount on estate taxes by establishing the appropriate trust. As you can see, trusts are not only for the "super rich" any longer.

A living revocable trust also has the advantage of avoiding probate. This will save substantial attorney fees and other costs and fees.

We Americans are living longer but often with debilitating diseases like Alzheimer's and Dementia. We often find ourselves in a position of not being able to manage our own financial affairs. You can name a trusted family member, friend or your bank to take over the management of your financial affairs in the event of your incapacity. In the meantime, you are in complete control of your money and home."

Life Estate Deed May Protect Your Home if You Go to a Nursing Home

Did you know that in some cases, you can transfer the title of your home to your children and reserve a life estate for as long as you reside in your home. Your children cannot "kick you out" of your home. You continue to maintain the home, pay the real estate taxes and the insurance and utilities. You would not owe any rent to your children. In short, it is still your home. If you have to apply for a Medicaid coverage, your home is not considered a "countable resource."Only the life estate interest may be counted. Thus, a substantial asset is protected from Medicaid claims.

Please contact us to see if a living revocable trust or life estate deed is right for you.

Past "Did You Know" Articles
Transfer on Death Deed & Transfer on Death Motor Vehicle Titles

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