Estate Questions

An estate plan is important because it ensures that your wishes are carried out regarding your assets, healthcare, and guardianship of your dependents after you're gone. It helps avoid confusion, delays, or legal battles for your loved ones, and can minimize estate taxes or other expenses.

If you don't create an estate plan, state law will determine how your assets are distributed, which may not align with your preferences. This process can be lengthy, expensive, and emotionally difficult for your family. Having a plan in place ensures your wishes are honored.

A will outlines how your assets should be distributed after your death, but it goes through the probate process, which can be time-consuming and costly. A Living Trust allows your assets to be transferred directly to beneficiaries without going through probate. It can also include provisions for managing your affairs if you become incapacitated.

Without an estate plan, if you become mentally disabled, the court may appoint a guardian or conservator to manage your affairs, which can be a lengthy and public process. A Living Trust can allow someone you trust to step in without court involvement if you're incapacitated.

Yes, you can be your own Trustee while you are alive and mentally capable. This allows you to retain control over your assets. You can also designate a successor trustee to take over if you become unable to manage your trust due to incapacity or death.

A Living Trust does not provide tax avoidance. You will still need to pay income taxes on the income generated by your assets. However, it can offer other benefits like avoiding probate and providing a smoother transfer of assets.

Yes, real estate can be transferred into a Living Trust. You would need to execute a deed transferring the property from your name to the trust, ensuring the property is managed and distributed according to the terms of your trust.

No, a Living Trust is not a loophole. It is a legitimate estate planning tool recognized by the government. It has been widely used for years to help manage assets and avoid the probate process, and there is no indication that it will be "closed down."

While Living Trusts are often used by wealthy individuals, they can benefit anyone who wants to avoid probate, protect their privacy, or plan for incapacity. If you have valuable assets, dependents, or want to ensure smoother distribution of your estate, a Living Trust may be a good option for you.

While many attorneys can create a Living Trust, it's important to work with an attorney who specializes in estate planning. They can help you customize the trust to fit your specific needs and ensure it is legally valid in your state.