Estate Law

Estate law questions? Ask an estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

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

Customer Question
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: 9 months ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 1 minute by:
10/13/2017
Estate Lawyer: Jessica B,
 replied 9 months ago
Jessica B
Category: Estate Law
Satisfied Customers: 1,666
Experience: Attorney at Donald B. Linsky & Associates, PA
Verified

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!

Ask Your Own Estate Law Question
Customer reply replied 9 months ago
Thank you.
Estate Lawyer: Jessica B,
 replied 9 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.

Ask Your Own Estate Law Question
Estate Lawyer: Jessica B,
 replied 9 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.

Ask Your Own Estate Law Question
Estate Lawyer: Jessica B,
 replied 9 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.

Ask Your Own Estate Law Question
Estate Lawyer: Jessica B,
 replied 9 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.

Ask Your Own Estate Law Question
Estate Lawyer: Jessica B,
 replied 9 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.

Ask Your Own Estate Law Question
Customer reply replied 9 months ago
What are the tax benefits in putting your homestead & two rentals in a trust?
Estate Lawyer: Jessica B,
 replied 9 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.

Ask Your Own Estate Law Question
Estate Lawyer: Jessica B,
 replied 9 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.

Ask Your Own Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Jessica B Your Own Question
Jessica B
Jessica B
Jessica B
Category: Estate Law
Satisfied Customers: 1,666
1,666 Satisfied Customers
Experience: Attorney at Donald B. Linsky & Associates, PA

Jessica B is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,841 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

5,579 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,133 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,867 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,514 satisfied customers

Experienced in multiple areas of the law.

P. Simmons

P. Simmons

Attorney

1,209 satisfied customers

12+ yrs. of experience including estate law.

< Previous | Next >

Related Estate Law Questions
I want to leave some of my estate to my daughter but in such
I want to leave some of my estate to my daughter but in such way that this money go to a trust in her name, and the money of this trust can only be spent in the benefit of my grandkids, and she must b… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,841 satisfied customers
Quick question My mother was married to a man who died who
Quick question My mother was married to a man who died who has a special needs daughter her care facility is asking her to act as the grantor of a disability trust … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,255 satisfied customers
Which state do I deal with and how do I set up a family
Which state do I deal with and how do I set up a family trust when I own 3 houses in 3 different states & want to include my 2 daughters as beneficierys… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,841 satisfied customers
My mothers residence was bequeathed to us, her three daughters,
My mother's residence was bequeathed to us, her three daughters, in her living trust. The rest of her estate (monetary) was left to our step father who is still living although incapacitated with deme… read more
Attorney2020
Attorney2020
Lawyer
2,480 satisfied customers
I am assisting my 84-year-old mother with her estate planning
I am assisting my 84-year-old mother with her estate planning and my husband logged me into his account for some advice. Mom is in very good health for her age and is a widow with 4 daughters. I have … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,841 satisfied customers
I would like to get some information about setting up a trust
I would like to get some information about setting up a trust account. first of all I must say I do not have the slightest idea of what type of trust I want or need, also I do not type fast at all. I … read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I have three children. My oldest daughter & I bought a house
I have three children. My oldest daughter & I bought a house together many years ago. As time passed, the other children joined us. We will all probably live out our lives here. What is the best way t… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
I live in Missouri. Three years ago, I had a trust created
I live in Missouri. Three years ago, I had a trust created and it is an irrevocable trust. I didn't know anything about trusts. All my assests were put in the trust. Now, I want to sell my lake proper… read more
M. Kennedy
M. Kennedy
Attorney
Juris Doctorate
483 satisfied customers
I am an estate attorney with a matter new to me. Decedent
I am an estate attorney with a matter new to me. Decedent has two daughters estate consists of a home and cash of about equal amount. Daughter living in the home is on SSI (disability). She has an adu… read more
Thomas McJD
Thomas McJD
Attorney
Doctoral Degree
3,170 satisfied customers
I own one-third of a house in Calif. My son and daughter-in-law
I own one-third of a house in Calif. My son and daughter-in-law own two-thirds. We live together. The house in upside down in the market and not expected to increase in equity for the near future. I h… read more
Daniel P.
Daniel P.
Managing Attorney
Juris Doctor
2,741 satisfied customers
My father wants to change his Will since his wife has now passed
My father wants to change his Will since his wife has now passed away. He owns a house (free and clear). He wants my brother to be able to live in the house and pay all the taxes, insurance, maintenan… read more
Daniel P.
Daniel P.
Managing Attorney
Juris Doctor
2,741 satisfied customers
Hi, my name is Jackie, and my husband, Jim and I are seeking
Hi, my name is XXXXX XXXXX my husband, Jim and I are seeking advise as to how to create a trust fund for our handicapped, 24 year old daughter. She is living on her own in an appartment under a housin… read more
Daniel P.
Daniel P.
Managing Attorney
Juris Doctor
2,741 satisfied customers
My Mother died and left us three children with 3 parcels of
My Mother died and left us three children with 3 parcels of land and 1 house on a parcel of land in her Trust. We do not know how to divide up the property in a fair manner and do not want to sell it … read more
Daniel P.
Daniel P.
Managing Attorney
Juris Doctor
2,741 satisfied customers
My husband of 25 years and I have one natural child between
My husband of 25 years and I have one natural child between the two of us-he also has a daughter from a previous marriage. He wants our estate split 50/50 between both children should he die. I agree … read more
Daniel P.
Daniel P.
Managing Attorney
Juris Doctor
2,741 satisfied customers
I live in Maryland, Prince Georges County. Can I be the trustee
I live in Maryland, Prince Georges County. Can I be the trustee of my daughter's trust, or does the trust have to be registered with the courts and the attorney be the trustee and control the trust?… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
1,209 satisfied customers
I live in Australia. I have a daughter Paula with a man I was
I live in Australia. I have a daughter Paula with a man I was not married to. He died and left a will giving a small amount to my daughter, which is not in line with what his children from the marriag… read more
lwpat
lwpat
Doctoral Degree
6,615 satisfied customers
The operative phrase in a NY trust created in 1981 is Upon
The operative phrase in a NY trust created in 1981 is: "Upon the death of the beneficiary, this trust shall terminate and the trustees shall transfer all assets of the trust to the Grantor's then livi… read more
Ellen
Ellen
Attorney
Doctoral Degree
649 satisfied customers
Definition of Lifetime Residerncy with regard to Life Estate
I have a 73 year old NY client who has a life estate with his daughter. He needs money from his estate to pay credit card debit and retire. He also has to make good a verbal agreement to his other dau… read more
GoLaw
GoLaw
Doctoral Degree
751 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x