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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6100
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I want to know the least expensive way to set up a

Customer Question

I want to know the least expensive way to set up a "revocable trust fund" to leave my niece with the least expense and complications in the state of Florida. Thank you.
Submitted: 7 months ago.
Category: Tax
Expert:  Stephen G. replied 7 months ago.

Well there are several online services that can give you a standard or "canned" revocable living trust that you can execute and then fund with the assets that you want to leave your niece. The funding is the important part. You use your own Social Security number when you set up the accounts in the name of the Trust and then there is no separate income tax reporting for the trust. You report the income on your personal income tax return just as if there was no trust. After you die, your niece will receive the funds in the trust without any probate process. If everything is going to your niece you should also have a will that is in place in case there's anything that shows up in your own name and the will can leave everything directly to your niece or to the Trust. We aren't allowed to give specific references, but if you "Google" "Revocable Living Trust Documents" you'll see a number of different options, including those which you may have seen advertise on television.

All that said, I strongly recommend that you sit down with a local Florida attorney to have the necessary documents prepared and executed and to obtain any advice you need with respect to funding the Trust. If you don't already have an attorney, your local Senior Center or Counsel on Aging usually maintains a list of Elder Law attorneys who are qualified to advise you in these areas as well as executing a Living Will and Health Care Proxy if those are indicated to accomplish your wishes. Everyone's situation is different, and while much of it may be similar to the "standard" documents, this isn't something to be cutting corners with as when it is important, you won't be around to "fix" any problems.