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Man owns three houses & wants to create a living trust for…

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Man owns three houses &...
Man owns three houses & wants to create a living trust for his two daughters. What are the benefits of a living trust & how do they work?
Submitted: 6 months ago.Category: Estate Law
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10/13/2017
Estate Lawyer: jb156200, Attorney replied 6 months ago
jb156200
jb156200, Attorney
Category: Estate Law
Satisfied Customers: 893
Experience: I am a Probate Attorney practicing in Tampa, Florida.
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Hello. My name is ***** ***** I am a licensed estate planning attorney. I hope I may be of assistance with your question. Please remember to rate my answer at the end of this session. Thank you!

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Customer reply replied 6 months ago
Thank you.
Estate Lawyer: jb156200, Attorney replied 6 months ago

A living trust is the common name used for a revocable inter vivos trust. Since the right to revoke the trust is retained, the trust is essentially the "alter ego" of the grantor and is totally transparent for income tax purposes. A living trust therefore is not required to have a tax identification number or file a tax return while the Grantor is living. A living trust is designed so that assets in the trust (or passing to it by beneficiary provisions at death) are not a part of the probate process. This only works if ownership and beneficiary provisions are properly put in place during life. Assets will not avoid probate if they are trapped in the owner's name at death, having never been titled in the trust.

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Estate Lawyer: jb156200, Attorney replied 6 months ago

In a traditional living trust, the grantor usually retains all rights to manage the trust as he or she wishes while alive and mentally competent. Assets can be added, taken out, sold, used, etc. without asking or telling anyone, and without any tax consequences.

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Estate Lawyer: jb156200, Attorney replied 6 months ago

The first benefits of a trust come to light when the grantor cannot legally mange the trust because of mental disability or death. The typical living trust provides that if the trustee is unable or unwilling to serve as trustee, then a successor trustee will take over and continue to manage the trust. If the grantor named successor trustees (which is always done in well-drafted trusts), the successor assumes management duties and responsibility whenever the original trustee becomes disabled. Management of a trust as a successor trustee is generally much simpler than management of a disabled person's assets through use of a power of attorney.Since the trust is a contract, the grantor can determine what criteria will be used to determine disability. Usually, a well-drafted trust will allow two licensed physicians to sign a written statement that the grantor has lost the ability to carry on his or her affairs, which will serve to transfer authority to the successor trustee. No court action is necessary, and the costly and burdensome requirements of a guardianship are avoided. Usually, the backup trustee is a family member (such as an adult child or a brother or sister), with a list of further successors named as desired.

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Estate Lawyer: jb156200, Attorney replied 6 months ago

At the death of the grantor, the terms of the trust determine who is to get the benefit of the trust. The assets can be distributed to the new beneficiaries in any amounts, manner or methods the grantor chooses. The distribution is private and does not need any court supervision.

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Estate Lawyer: jb156200, Attorney replied 6 months ago

The successor trustee can step in immediately after death and write checks or take care of other business, and does not have to wait to be appointed executor by the court.

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Customer reply replied 6 months ago
What are the tax benefits in putting your homestead & two rentals in a trust?
Estate Lawyer: jb156200, Attorney replied 6 months ago

Revocable trusts do not save income taxes, nor do they save estate taxes. In fact, during a grantor’s lifetime, the IRS may actually discriminate against revocable trusts in certain specific income tax situations. In most cases, however, the property in a revocable trust is treated as if it were the grantor’s own property for both income tax and estate tax purposes.

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Estate Lawyer: jb156200, Attorney replied 6 months ago

Please do not forget to rate my answer. Thank you! Also please let me know if there is anything else I may help you with.

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