He describes
living trusts, probate, and estate taxes; issues like second marriages, single people, disinheriting a child, and same-sex couples; common questions related to topics like gift taxes, real estate, wills, and trust property; types of trusts; the tax-saving AB trust; choosing property to put in the trust; trustees; choosing beneficiaries; property left to minor children or young adults; preparing the
living trust document; transferring property from the trust; copying, storing, and registering the document; amending the trust; what happens after a grantor dies; other aspects of an estate plan; and wills.
Critique: Enhanced with a profusion of charts, examples, and checklists, including a Personal and Financial Organizer that will help you prepare to meet with your attorney, "Understanding
Living Trusts " has the added benefit of saving you considerable time and money by avoiding the necessity to have an attorney.
A
Living trusts are potentially very useful in estate planning.
Client couples who are considering establishing a
living trust should know what their options are, and to those with existing shared
living trusts may also appreciate hearing about the benefits of a shared trust.
Living trusts have been promoted as a means to bypass probate at your death.
Chapters present basic information about
living trusts and their advantages and disadvantages; how to make decisions about property distribution; common questions about
living trusts; what types of trusts are needed by people in different life situations; property that can and that should not be put in the trust; trustees; how to choose beneficiaries; issues to consider when leaving property to minors; how to transfer different types of assets to the trusts; registering the trust; and preparing a backup will.
Living trusts are powerful estate planning tools that can help many people.
The Powers family purchased it for $340,000 in June 2002 from Richard and Patricia Elimon's namesake revocable
living trusts.
For example, preprinted forms of
living trusts are not valid in Louisiana because the Louisiana Trust Code requires that all trusts be in authentic act form.
Every year, many people have revocable
living trusts drafted, but never properly funded.
The American Bar Association (Chicago, IL) has published The Funding of
Living Trusts, a paperbound book that attempts to explain why a lawyer should supervise trust funding and the steps involved in transferring the ownership of a wide variety of assets from the client to the trust.
