Notice:
The safety of our team and clients is very important to us. Effective March 23, we will temporarily close our physical office and will work remotely. We will continue to support and guide our clients through these difficult times. We continue to work with clients and consultations can be scheduled for Zoom or phone meetings. To reach us, call the office at 516-587-5555 or email us at MD@davidovlaw.com or ILANA@davidovlaw.com. We look forward to continuing to serve you.

Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

After you set up a Revocable Living Trust, one of the first things that you do is to transfer your other assets into the Trust.

After you set up a Revocable Living Trust, one of the first things that you do is to transfer your other assets into the Trust. Most people will try to make sure that everything they have when they pass away will transfer through the Trust to the beneficia

After you set up a Revocable Living Trust, one of the first things that you do is to transfer your other assets into the Trust. Most people will try to make sure that everything they have when they pass away will transfer through the Trust to the beneficiaries. However, it is not always a good idea to do that. It depends what you are trying to transfer through the Trust.

For example, if you have an IRA, you can name the Trust as a the beneficiary. By doing that, the money in the IRA will be handled according to the terms of the Trust. However, if you name a person as your IRA beneficiary, then that person can keep the IRA open and continue to take advantage of the tax benefits. A Trust cannot do that as an IRA requires the owner to be a person with a life expectancy in order to take advantage of the tax benefits.

Most assets should be transferred into a Revocable Living Trust. Exercise caution, however, and make sure that you are not losing other important benefits with some instruments. Ask you estate planning attorney if you have questions about your Revocable Living Trust and transferring your assets into it.

Categories