- Estate Planning
- Probate & Trust Administration
- Elder Law
- Real Estate
Revocable Living Trust
Developing and implementing estate planning strategies requires not only experience and legal knowledge, but also an individual approach to seek out what is best for clients. For over 35 years, attorney Dan Kellogg has provided a higher level of service for clients.
In some cases, it is advisable to use a Revocable Living Trust as the primary estate planning strategy. This is particularly important if a client holds assets that are located in multiple states because of the likely necessity for multiple probate proceedings following a death. In other cases, a Revocable Living Trust can be used to provide management assistance during a client’s lifetime.
The principal benefit of a Revocable Living Trust is the possible avoidance of probate following a death. However, Revocable Living Trusts involve additional expense for the creation of the trust, and significant inconvenience for administration of the trust during lifetime. And in many cases, it is ultimately necessary to revoke the Revocable Living Trust for some other purpose, or probate is required anyway because assets were not properly titled in the name of the trust.
Strategies to minimize estate tax liabilities can be achieved through the use of either a Will or a Revocable Living Trust. There is no inherent tax advantage to use a Revocable Living Trust.
All of the benefits and disadvantages of a Revocable Living Trust should be discussed before a decision is made whether to use a Revocable Living Trust or a Will as the primary estate planning strategy.