Wills, Trusts & Estates: Plain and Simple – “Should I Have a Revocable Trust?”
October 18, 2018
A Revocable Trust, AKA a “Living Trust,” is a trust created by written agreement between you, as grantor, and you (and/or another person, if you’d like), as trustee, directing the trustee to hold the assets you put in the trust and how to distribute them upon your death.
During your life, you may revoke the trust and take everything back, or take bits and pieces out whenever you want. Since you retain full control over the assets in the trust, all of the assets in your revocable trust are subject to estate taxes. Put another way, and contrary to the implication made in mailings you may have received, using a revocable trust will save you NO more in estate taxes than if you used a Will.
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Reprinted with permission from Lloyd Harbor Life, October 2018.
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