Living Trusts

Find the latest news on living trusts, asset protection, probate, estate taxes, trustees, and more.

Dec 6, 2010

A new report in the Dedham Transcript offers five reasons why people involved in estate planning might create a revocable living trust.

First, the source defines a revocable living trust as one that can exist during the donor's lifetime and that can be changed or terminated once it has been created.

Two of the prime reasons for creating a revocable living trust cited by the source relate to children, as the estate planning tool can be used to provide for both very young children and children with special needs.

Nov 24, 2010

A doctor in Payson, Arizona, has pled not guilty to theft from a vulnerable adult after allegations that he fraudulently acquired the assets of a hospice patient through her living trust, according to the Payson Roundup.

The hospice patient, Alicia Christopherson, died in October 2004 after allegedly signing all her assets over to Dr. Michael Lowe in her living will.

Nov 15, 2010

A growing number of Americans are incorporating terms dealing with the care of their pets into their living trusts, according to the Chicago Sun-Times.

The visibility of pet trusts grew after multi-million dollar bequests from real estate mogul Leona Helmsley and Florida heiress Gail Posner for the care of their beloved pets.

Statutory pet trust laws currently exist in 43 states and the District of Columbia.

"It's definitely a trend, and it's caught on, because people understandably value their animals and want to make sure their pets are looked after,&q

Nov 5, 2010

The benefits of creating a living trust include avoiding expensive probate administration and ensuring that family is protected from managing one's assets in the case of disability or incapacitation, according to Dexter Lowry, a certified financial planner.

Lowry explains to Smart Business that for those who do not have a trust, a conservator may need to be appointed by the court to manage their assets if the person is not capable of doing so anymore.

Oct 27, 2010

On January 1, 2011, the federal estate tax rate is scheduled to return at a high of 55 percent, as the personal exemption is decreasing to merely $1 million, MyFoxHouston.com reports.

As a result of these changes, it can be crucial for people to begin estate planning as soon as possible, to ensure that assets are transferred in an orderly fashion down the road, financial consultant Rich Rosso tells the news provider.

During this estate planning process, which can certainly have its difficulties, Rosso suggests that a revocable living trust has a number of clear advantages, as