The use of the Revocable Living Trust has become very popular
over the last few years. In the winter months hardly a day goes by that we do
not have a seminar flyer on the topic stuffed in our newspaper. Trust Mills
attract seminar attendees by offering free meals etc. Once inside the seminar
people are told all of the positive aspects of having a Trust. Too often people
have set up a Trust based on incomplete and erroneous information.
In most cases having a Trust makes sense under the following
conditions:
1. If the value of your Estate is more than the current
Estate Tax Exemption of $2,000,000.
2. If you have a special Estate distribution need at death.
In other words, you want to maintain strict control of your assets and their
distribution to your heirs after you are gone. For example, you may have
contingencies upon your heirs receiving inheritance, or want your Estate to
be distributed out over many years.
3. You are naming a charity as one of your major
beneficiaries.
4. You own property in a state other than Arizona.
Are your answers to the following
questions positive?
Do you have a Revocable Living Trust?
Have you properly funded your Trust?
Do you understand what will happen with your Trust once your spouse dies?
