A
living trust or durable power of attorney may give the child the authority to handle the parent's tax matters, but the IRS is not a party to the trust or POA.
However,
living trusts are likely to be considerably more expensive than normal wills.
Example 3: When Beth creates her
living trust, she names her son Rick as successor trustee.
Howard Marshall II made his revocable
living trust irrevocable.
However, they should generally be viewed as a supplement to--and not a substitute for--a
living trust.
Bennett, the founder for the National Center for the Avoidance of Probate, has assembled this guide on how to create a
living trust to avoid probate after you have died.
THE ADVICE: Draft and execute a will, revocable
living trust, and durable power of attorney for healthcare.
Chapters address why an estate plan is necessary, how to select, prepare for and sign a will, preparing and changing a
living trust, preparing a designation of primary physician, organ donation form, or quitclaim deed, and much more.
Sales pitches also are used by promoters of estate planning services, such as
living trust seminars, or the ever-growing number of firms and advisers that are pitching a particular estate or other tax planning techniques, such as the private annuity trust, which is a hot trend.
In 2005, Ventas initiated a $1.2 billion deal to acquire Provident Senior
Living Trust in part due to the CEO's rock-hard negotiating skills.