Why Estate Planning?

What is estate planning?

Estate planning is a process designed to conserve estate assets before and after death, distribute property according to the individual's wishes, minimize federal estate and state inheritance taxes, provide estate liquidity to meet costs of estate settlement and provide for the family's financial needs.

What is a Trust?

A Trust is a legal relationship in which assets are transferred to a trustee to be used for the benefit of one or more beneficiaries. The person who establishes the Trust is called the settlor, grantor, creator or trustor. Upon accepting the assets of a trustee, the trustee undertakes the obligation to use the assets in accordance with the settlor's directions.

What is a Living Trust?

A Living Trust is the name given to Trusts created during the settlor’s lifetime. A Living Trust is usually created for the settlor’s benefit during his or her life; after the settlor’s death, the Trust assets are distributed or managed for the benefit of family members or other beneficiaries.

What is a Revocable Living Trust?

A revocable living trust allows the settlor to alter or terminate the trust at any time during his or her lifetime. This is particularly beneficial as conditions in your life change.

WHAT ARE THE ADVANTAGES OF A LIVING TRUST?

The Advantages of a Living Trust

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Probate avoidance

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Privacy

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Proper management of assets

INFORMATION