Revocable Living Trusts: Common Questions, Answers and Options - PowerPoint PPT Presentation

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Revocable Living Trusts: Common Questions, Answers and Options

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Title: Revocable Living Trusts: Common Questions, Answers and Options


1
Revocable Living Trusts
Common Questions, Answers and Options
2
Inter Vivos Trusts
3
What is a revocable living trust?
4
Also known as inter vivos trusts, a revocable
trust is like a holding company
5
Its a legal entity you create by drafting a
document called a trust instrument
6
Once created, the living trust can own property
7
1
People
8
Who runs the trust?
9
The trustor, or settlor, is the person who
decides to create the trust
10
The trustor chooses who will benefit from the
trust (the beneficiaries) as well as who manages
it (the trustee)
11
2
Property and Funding
12
What does my living trust own?
13
Whatever you like
14
The trust property can be almost anything, just
as long as you transfer it properly
15
The transfer process is known as funding
16
3
Protection
17
Will my trust protect the assets I transfer to it?
18
USUALLY NOT
19
Though your trust affords significant benefits,
it wont shield your assets from creditors,
lawsuits, or taxation
20
If asset protection is important to you, other
types of trusts are better options
21
4
Probate
22
Why would I want a living trust if it doesnt
provide asset protection?
23
Living trusts are great for avoiding probate,
keeping your affairs private, and for protecting
your affairs against the possibility of incapacity
24
5
Creating a Living Trust
25
How do I make a living trust?
26
The process of creating a living trust isnt
difficult, but the devil is in the details
27
You need a living trust that fits into your
overall estate plan, not simply a trust you
create on its own
28
Financial Planning, Estate Planning, and Asset
Protection
29
What do I need to do to protect my assets?
30
That depends on your circumstances, your
short-term goals, your long-term goals, and
numerous other factors
31
Asset protection plans are something you need to
prepare carefully after evaluating all your
options
32
Contact the Law Office of Michael Robinson, PC at
(585) 374-5210 to schedule a FREE CONSULTATION
Click to visit www.mrobinsonlaw.com
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