Living or Revocable Trusts
A living trust also known as a"revocable" trust is created during the life of the donor rather than through a will at the person's death. With a living trust the donor maintains complete control over the trust and retains the right to amend, revoke or terminate the trust at any time.
Example of How a Trust saves taxes
H has an estate of $1,000,000 W has no estate H dies and leaves his entire estate to W Tax on H's death is Zero Tax on W's death is $153,000
However if H had planned ahead and left $400,000 to W and; $600,000 to a trust, the tax rate would look like:
Tax on H's death is Zero Tax on W's death is Zero
The Tax savings would have been $153,000 in Federal Tax alone.
The Living Trust
Is one of the most powerful estate planning tools available today and the Living Trust can ensure that:
Your estate will pass to whom you want, when you want, and how you want.
Your estate will pass to your heirs without the expense, publicity and delay of probate.
Your heirs - and not their creditors or predators -- will enjoy the fruits of your life's work.
Federal estate taxes will be reduced or eliminated completely, so that more of your wealth will pass to your heirs, not the government.
Your affairs will be managed as you would want by the person you designate, should illness or injury make you unable to handle matters for yourself.
Spoilers will have less chance to upset your plans.
Including a Health Care Power of Attorney as part of your estate plan will allow you to make in advance the medical decisions you may not be able to make for yourself later.
Find an Estate Planning Attorney | Living Trusts | Estate Planning Basics | Simple Wills | Advanced Estate Planning | Probate and Trust Administration | Home page
All contents copyright MassachusettsEstatePlanning.com 2000.
Website designed, maintained and hosted by LawyerViews.com
MassachusettsEstatePlanning.com is a Service of the Law Offices of K. William Kyros, PC
located in Boston, Massachusetts. The law firm helping lawyers and their clients use the internet to find qualified legal counsel.
Lawyerviews.com Voted the #1 Web Site development company in the 2000 Lawyers Weekly Readers Choice poll.
Need a another type of Massachusetts Lawyer? Visit Lawyer-Referral.com