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If you're working and earn $150,000 a year, you can't, for example, place that money into a trust to avoid paying income taxes on it. But all told, a living trust may be an estate planning tool ...
That's less money for your heirs to inherit. There's also the privacy of your family to consider. When a will goes through probate, it becomes a matter of public record.
5. Distribution during the grantor's lifetime. Living trusts can also distribute assets during the grantor's lifetime. In some cases, such as the Medicaid trust, that can be for the grantor's benefit.
If you designate your two children as equal beneficiaries on that account, each one will inherit $50,000 upon your passing -- even if there's nothing in a will or trust mentioning your IRA.
Of particular note is the ability of a living trust to avoid probate, the legal procedure that takes place to transfer an individual's assets in accordance with their will after they die. Wills ...
Image source: Getty Images. 1. You can avoid going through probate. When you pass away with a will, it's subject to a court process called "probate."During probate, a court will verify that a will ...
This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer.
When you use a living trust, you can completely avoid the probate process because the assets are already in the trust, and managed and distributed according to the terms already set. 2. Living ...
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