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While millions of Americans don't even have a last will and testament, even more are missing out on a way that will save their successors in the family tree countless dollars in legal fees and estate taxes. This legal entity is created with a little planning and a little paperwork and is called a living trust. With this tool, it - not you – owns whatever assets you put in the trust.
As the individual responsible for the trust's creation, you will grant it property. At the end of your life, the total amount of property you own in addition to your debts add up to your total estate. With a living trust, you no longer own the property you put in the trust, the trust does. Let's say you own a $3 million dollar house and have $100 in the bank. If you pass away and don't have a living trust, the IRS will tax you on $3,000,100. If your living trust owns that $3 million house, instead you will be taxed on merely $100.
Interested in forming an Iowa living trust? For more information on this money-saving estate planning device, check out LegalZoom's free, online legal library. If a living trust sounds right for your estate planning needs, form one in Iowa today by filling out our easy-to-follow online questionnaire. Let LegalZoom give you the confidence that comes with a future well planned.
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