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Family Matters Newsletter
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Trust vs. Will: Which Is Right For You?
How
do you know if you need a Trust instead of a simple Will? Many people
assume that Revocable Living Trusts are only for the wealthy, but
Revocable Living Trusts have benefits even for the average person. If
your life or financial situation fits into one or more of these
categories, then you should consider a Revocable Living Trust. Planning for Disability Regardless
of your net worth, and particularly if any of your assets are titled
solely in your name, then you should consider a Revocable Living Trust
for disability planning to avoid court-supervised guardianship or
conservatorship. Estate Planning for Minor Beneficiaries Parents
with minor children and who have life insurance policies or retirement
plans with high values should consider a Revocable Living Trust. In the
event both parents die while the children are still minors, the
insurance or retirement funds will be placed in the Trust for the
benefit of the children instead of in a court-supervised guardianship
or conservatorship. Estate Planning for Singles Anyone
who is single and has assets titled solely in their name should
consider a Revocable Living Trust to avoid court-supervised
guardianship and the costs and hassles of probate. Tax Planning for Married Couples If
you are married and the combined estates of you and your spouse exceed
the Federal exemption of $3,500,000 or your state's exemption
($1,000,000 for Maryland the Washington, DC), then you should consider
establishing a Revocable Living Trusts to eliminate or avoid estate
taxes. If You Own Real Estate in More Than One State If
you own real estate in more than one state or outside of your home
state, then you should consider a Revocable Living Trust to avoid
multi-state probate. I hope this information helped you better understand Trusts and how they fit into the estate planning process. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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2006 Kinsey Law Group. All Rights Reserved. Kinsey Law
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