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Estate Planning | Elder Law | Special Needs Planning

Revocable Living Trust

Recent Posts in Revocable Living Trust Category

  • REVOCABLE LIVING TRUSTS ARE NOT MAGIC

    People are sometimes confused by the term “Revocable Living Trust.” Unscrupulous companies and websites often take advantage of this confusion as a way to get people to purchase a Revocable Living Trus t form from them. These companies and websites make people think that there is something magical about a Revocable Living Trust. However, to understand whether you need a Revocable Living Trust, you ...
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  • ESTATE PLANNING PUZZLES

    People who create their own estate plans often make the mistake of thinking that they only need to use one legal instrument and that it will take care of everything. This is usually a Revocable Living Trust . While a Living Trust is a great estate planning tool, it is probably not the only thing you need. Estate planning is more like putting a puzzle together to find the right fit between various ...
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  • 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 ...
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  • A REVOCABLE LIVING TRUST CAN BE RIGHT FOR YOU

    In the last post you learned that probate does not have to be scary if you have an experienced estate planning attorney assist you in making your estate plan. However, that does not mean that your heirs will necessarily have to go through probate if you hire an attorney. In some cases, a revocable living trust is a good option for an estate plan. Property that passes to your heirs through a ...
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  • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 3 OF 3

    To fund your living trust, you need to transfer assets into your trust. You can transfer money and property into your trust by placing title to your bank account and title to your real property into the trust. You must specifically identify the property and accounts within your trust. In addition to properly funding your living trust , you need to appoint an individual or trust company to oversee ...
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  • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 2 OF 3

    There are many different reasons you may want to create a living trust, and your attorney may decide to supplement your will with a living trust. However, in most cases, a living trust does not replace the need for a will. Your attorney may decide that creating a living trust is essential to your overall estate planning needs. A living trust does not have to go through probate, and your living ...
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  • HOW LONG DOES IT TAKE TO SET UP A REVOCABLE LIVING TRUST?

    On average, it takes about 2 to 4 weeks to get the revocable living trust in place; then, it takes another few weeks to 6 months to get the trust fully funded. This is a relaxed pace; if there is an emergency, such as a terminally ill client, the entire process can be sped up. You and your family are protected the moment that you sign your living trust document. It is effective immediately. ...
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  • DOES MY REVOCABLE LIVING TRUST REPLACE MY WILL?

    Yes, but no. When you have a fully funded revocable living trust , your final asset distribution is in your trust; and, technically, if you have all of your assets funded and no minor children, you don’t need a will. In this case, your trust is called a “will substitute.” However, it is prudent to execute a pour-over-will, which is used to distribute any assets intentionally or inadvertently left ...
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  • I HAVE A TRUST; HOW SHOULD I OWN MY PROPERTY?

    You should own your property in accordance with your needs, goals, and up-to-date estate plan, designed by a qualified estate planning attorney. Proper asset ownership is a key to a successful estate plan ; and, most people don’t own their assets properly. If you have a revocable living trust , fund your assets into the trust. If you do trust-based planning, your estate planning attorney will tell ...
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