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Yes, an umbrella policy would still be a good idea. The reason being is that these revocable living trusts simply allow you to avoid probate upon your deaths. But, because they are revocable, they provide no creditor or liability protection for you. So, if there is a problem with any of the assets, even though the assets are owned by the trust, you and your wife still have personal liability. Therefore, I would recommend an umbrella policy to protect against such potential liability.
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