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Having proper estate planning structures like trusts when they're needed helps protect and ensure the transfer of your assets to loved ones. 5. Not planning for estate taxes
Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it. Although probate avoidance is certainly a consideration in the use of a "living trust", there are many other estate planning techniques which also "avoid" probate.
For example, an estate plan may include a healthcare proxy, durable power of attorney, and living will. After widespread litigation and media coverage surrounding the Terri Schiavo case, estate planning attorneys often advise clients to also create a living will, which is a form of an advance directive. Specific final arrangements, such as ...
Kent Richard Markus (born February 1, 1959) is an American attorney. He currently works as bar counsel and general counsel for the Columbus Bar Association. Before working at the CBA, he served as a Senior Advisor in the Director's Office and Director of Enforcement at the Consumer Financial Protection Bureau. [1]
For many couples, a joint revocable trust is a valuable estate planning tool. They can be easier to manage than separate trusts and administration costs may be lower.
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