BENEFITS OF A LIVING TRUST OR WHY A TRUST MAY BE RIGHT FOR YOU
Aug. 20, 2020
If you have a house, car or bank account you have an estate. Estate Planning is not just for rich people. Over 80% of Americans do not have a Will or a Trust. In this era of COVID19, life is uncertain even for those who are young and healthy. What happens if you are suddenly disabled or die? Does your family know what you want? Have you prepared your estate plan? If not, we invite you to contact our office immediately to take care of this important matter skillfully and professionally.
Four Advantages of A Trust-Centered Estate Plan
No probate required! Upon your disability or death your named successor-trustee is in charge. Save thousands of dollars in future probate fees and keep the administration of your estate private without the need to go to court or see a judge.
If you have a large estate (over $11.4 million) you wont have to pay Federal inheritance tax if the trust was properly drafted. Note that Arizona does not have an inheritance tax.
Certain trusts known as marital trusts or bypass trusts give you additional control over the estate (i.e. when spouse remarries you can protect a portion of the estate for your children).
Certain specialty trusts such as a Miller Trust may allow assets to be used for your benefit while also allowing you to qualify for public benefits such as Medicaid (ALTCS and AHCCCS in Arizona)