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A revocable living trust is a trust that is managed by the grantor for the benefit of the grantor during his or her lifetime. The property transferred to the trust avoids the individual's probate estate but is included in the individual's gross estate.
A grantor, or the creator of the revocable living trust, retains the right to revoke their trust at any time prior to his or her incapacity or death. The grantor is usually the trustee during his or her lifetime and there is a trustee designated upon a triggering event, such as death or incapacity, to manage the trust and distribute the property pursuant to the grantor's wishes.
The Benefits of a Revocable Living Trust
Revocable living trusts are commonly used to avoid probate and to provide for management of the grantor's assets should he or she become incapacitated. Any income that the property of the trust generates during the grantor's lifetime is taxed to the grantor, just as it would otherwise be. There are no gift tax consequences because the grantor can take the property back.
As mentioned, one of the primary benefits of the revocable living trust is to avoid probate, but other benefits include the great deal of privacy that a revocable living trust can provide. Finally, it should be noted that a revocable living trust is not effective for reducing estate taxes. For most people, this will be inconsequential as estate tax only applies to estates worth more than $5,340,000.
Contact Us for Legal Help
Our trust lawyers at Financial Relief Law Center, APC can provide you with the information and legal advice you need before drafting your revocable living trust. We are thorough and comprehensive, while prioritizing your needs and wishes. All of our attorneys and support staff are friendly, accessible, and available; we will walk you through the process, answer your questions and concerns, and draft estate planning documents that can best protect the assets and property you have worked so hard for.
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