Finish sentence in the Revocable Living Trust

Aug 6th, 2022
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How to finish sentence in the Revocable Living Trust

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[Music] Welcome everyone whos joining us on this zoom meeting today and if folks are in the waiting room well let you in as they come in. Colleen if youll make sure that you handle that one for me, I appreciate it. My name is Lynn St. Louis and I am an Estate Planning and Elder Law attorney at ELG Estate Planning here in Washington state and today what were going to be talking about are Revocable Living Trusts and the five biggest mistakes people make when it comes to their Revocable Living Trusts. If you have any questions please feel free to put those questions in the chat and I will answer your questions at the end today. Also if you stick with us to the end then we are going to be offering you a complimentary gift as well, so really excited to have you here, thank you so much for joining me. So lets go ahead and get started. So were talking about Revocable Living Trusts and the biggest mistakes that are made with that very popular Estate Planning

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A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldnt go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.
The biggest downsides of a revocable trust include the following: Your trust assets arent protected from creditors. You may not qualify for needs-based Medicaid coverage for a nursing home because the assets held in trust are still counted as resources when determining benefits eligibility.
Revocable trusts let the living grantor change instructions, remove assets, or terminate the trust. Irrevocable trusts cannot be changed; assets placed inside them cannot be removed by anyone for any reason. Revocable trusts allow beneficiaries to avoid probate court and guardianship or conservatorship proceedings.
Avoiding Probate: One of the primary advantages of a revocable living trust is that it can help to avoid the probate process, which can be lengthy, costly, and public. Assets in the trust can pass to beneficiaries without the need for court intervention.
Funds received from a trust are subject to different taxation than funds from ordinary investment accounts. Trust beneficiaries must pay taxes on income and other distributions from a trust. Trust beneficiaries dont have to pay taxes on returned principal from the trusts assets.
Trust termination refers to the process of ending a trust, which may occur for various reasons. The termination involves winding up the trusts affairs and distributing its remaining assets to the beneficiaries ing to the terms of the trust or applicable law.
The three most common types of trusts are: living, revocable, and irrevocable. A living trust is one thats created while youre still alive and can be revocable or irrevocable. A revocable living trust can be changed while youre still alive. An irrevocable living trust cant be changed after its created.

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