by hoodlawkc | Estate Planning, Business Planning, Living Trust
In an earlier entry, I indicated that a revocable trust does not have any income tax advantages. But does it have any income tax disadvantages? Generally, the answer to this question is no with a few exceptions. For example, under prior law, the benefits of the one...
by hoodlawkc | Living Trust, Business Planning, Estate Planning
This post explores the numerous income tax advantages of having a Living Trust upon the death of the grantor. For more information on this topic, see the ‘Advantages of a Living Trust Upon Death of Grantor). Avoidance of Ancillary Administration— If an...
by hoodlawkc | Living Trust, Estate Planning
Despite the do-it-yourself books and on-line documents available on the internet, it is a very bad idea for a layperson or for that matter an inexperienced attorney to set up a living trust. A qualified estate planning attorney can draft the trust agreement and...
by hoodlawkc | Living Trust, Estate Planning, Will
The use of a Revocable Trust (or living trust) in estate planning as the best Will substitute. This post builds on the information you may have read in the previous posts. Before examining the use of a revocable living trust, it is important to dispel a few...
by hoodlawkc | Living Trust, Business Planning, Estate Planning, Will
There are numerous advantages for a living trust for a grantor’s lifetime. The advantages and descriptions will help you better understand how a living trust can be of benefit to you. Property Management— Most middle-aged grantors that establish a living trust...
by hoodlawkc | Living Trust, Estate Planning, Will
There are two basic types of revocable living trusts for you to consider as a part of your estate plan. Self Declaration Revocable Trust The first is the so-called self-declaration of trust. With this type of living trust, the grantor in the trust document declares...
