A living trust also allows you to do estate tax planning. In the year 2023, the Federal estate tax exemption is $12,920,000 per individual.

How to Set Up a Living Trust If you want to set up this type of arrangement, here are the steps that you will need to take. 1. Choose What Property Should be Transferred ...

With a Revocable Living Trust, you retain control over your assets and retain the ability to make changes to the Trust during your lifetime. Here are some other aspects to consider if you’re ...

Dear Liz: My husband and I made a living trust in 2004. He died in 2018, so his half became irrevocable. But while we were settling his estate, no one mentioned (though I can see clearly in the ...

Yes, many people have both a will and a living trust. They’ll use a trust to handle most of their assets, and a “pour-over” will catch anything not in the trust.

If you have no one to look after your children’s interests, then you’ll need to consider hiring a professional fiduciary or ...

The second benefit of a living trust is the privacy it affords. Unlike a will, the details about a living trust don't become part of the public record, so only relevant parties know what's in them.

With a pour-over will, it’s clear that everything goes to the trust, and then it’s the trust document that’s used to determine who gets what.

For a living trust to work, you have to do the hard work of transferring legal title of assets to it. That means changing the deeds to real estate and recording them as local law requires.

A living trust actually is much more akin to what you might think of as a will, if what you're thinking of is a last will and testament. The latter is a legal document in which you lay out how you ...