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| A living trust is an arrangement by which you as the grantor place property in trust and name yourself or some other person as Trustee or Co-Trustee, but reserve the right to revoke the trust. |
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A Different Look at A Living Trust!
Some time ago, Congress made certain changes to the estate taxes. As a result of the changes, effective January, 2004, the tax free amount increased to $1,500,000. (Back in 1997 it was $600,000.) This allows a married couple to leave a minimum of $3,000,000 tax free.
Why Avoid Probate
Do you have friends or relatives that have experienced probate? If you do, their advice more then likely will be, to do anything you can to avoid it. If you are unfamiliar with probate and the problems it can create, find out what you can do to avoid it.
Estate Planning Problems
Probate is the system used by the state to deal with your estate. Two main functions of probate are to identify the rightful heirs to the estate and the share size that each heir will receive, and to replace your name with that of your heirs on the legal title of the property. Assuming you don’t have any kind of revocable living trust arrangements, but you do have a will, the state will be able to determine your rightful heirs and the portion of your estate each will receive. If you don’t have even a will, the state will decide on who and what portion each heir will receive, using its own procedures. Unfortunately, after you are gone, the only way your property ownership can be re-titled is through court probate procedures and supervision.
Looking at Living Trust
Some time ago, Congress made certain changes to the estate taxes. As a result of the changes, effective January, 2004, the tax free amount increased to $1,500,000. (Back in 1997 it was $600,000.) This allows a married couple to leave a minimum of $3,000,000 tax free.
Avoid Probate
First of all, what is probate? We've heard various things about probate and we are pretty sure that it deals with court matters that involve our property. We generally know that probate is something that happens after we die and it’s a negative experience because it is expensive and it takes a lot of time. True, the two main problems with probate are that it can take up to a year to accomplish its own goals (not ours) and it is an expensive purchase of attorney advice and court costs when it may not be necessary at all.
Should You Try to Avoid Probate
First of all, what is probate? We've heard various things about probate and we are pretty sure that it deals with court matters that involve our property. We generally know that probate is something that happens after we die and it’s a negative experience because it is expensive and it takes a lot of time. True, the two main problems with probate are that it can take up to a year to accomplish its own goals (not ours) and it is an expensive purchase of attorney advice and court costs when it may not be necessary at all.
The AB Living Trust Saves Taxes
Some people must consider federal estate tax when planning their finances. The estate tax occurs when someone dies owning a very large amount of property. Current figures for the estate tax exemption, which depend on the year of death, are as follows.
Year Estate tax exemption
2004-05 $1.5 million
2006-08 $2 million
2009 $3.5 million
2010 No estate tax
2011 $1 million unless repeal is extended
Problems Solved by Estate Planning
A living trust can solve many of the problems encountered in estate planning. Listed below are some of the situations helped by careful estate planning.
Living Trust of Frank Sinatra
The Frank Sinatra zinger is that since he was aware of the significant animosity between his children, who were products of his first marriage to Nancy Barbato, and his wife, Sinatra included a clause in his Last Will that automatically disinherits anyone who contests it. That means the heirs will have to make nice if they want to collect. No one who was mentioned in Sinatra's Last Will took advantage of the first opportunity to challenge it in court. A lawyer for the estate's executors credits a no-contest clause in the Last Will with being a "substantial deterrent" to any challenges.
A Different Look at Living Trust
Some time ago, Congress made certain changes to the estate taxes. As a result of the changes, effective January, 2004, the tax free amount increased to $1,500,000. (Back in 1997 it was $600,000.) This allows a married couple to leave a minimum of $3,000,000 tax free.
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