• Skip to primary navigation
  • Skip to main content

Duffy Law Office, PLLC

Helping Families Preserve Their Wealth

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning For Niches
    • Trust Administration
  • Resources
    • Client Resources
    • Consumer Resources
    • Published Books
  • BLOG
  • Contact Us
  • (563) 445-7400
  • Show Search
Hide Search

Should You Create a Revocable Living Trust With Online Tools?

Dennis D. Duffy · Mar 25, 2013 ·

The Internet is full of marketers looking to turn a profit, and there is certainly nothing wrong with trying to improve your bottom line. However, as consumers we must be vigilant so that this bottom line is not padded at our expense

You can purchase the ability to use web-based tools that enable you to create your own estate planning documents including revocable living trusts. Should you create your own living trust using one of these downloads or worksheets?

We can get into that subject, and we certainly will in another blog post. But for now let’s go in another direction.

How do you even know that a revocable living trust is really the right legal device for you?

Some people are in professions that are especially vulnerable to legal actions. These individuals need asset protection.

There are families that include a member with special needs. These families may want to place assets into a trust for the benefit of this individual.

Estate tax exposure is something that high net worth people must contend with, and these individuals are going to be looking to implement estate tax efficiency strategies.

Because a revocable living trust is in fact revocable the grantor of the trust retains incidents of ownership. He or she can simply dissolve the trust and go forward with the funds, and the grantor may also act as trustee and beneficiary while the trust is in place.

As a result, these trusts do not provide asset protection; they do nothing to provide tax efficiency; and they are not the right choice for a beneficiary with special-needs.

It is not wise to make assumptions regarding estate planning vehicles. Discuss everything with a licensed estate planning attorney to be certain that you are proceeding in the optimal manner for your own well-being and that of your loved ones.

 

  • Author
  • Recent Posts
Dennis D. Duffy
Latest posts by Dennis D. Duffy (see all)
  • Attorneys Want to Help - December 14, 2016
  • Trusts and the Estate Tax - December 14, 2016
  • What Is a Third Party Special Needs Trust? - December 14, 2016

Estate Planning, Trusts Estate Planning, Inheritance Planning, revocable living trusts

Blog Subscription

Where we are

Duffy Law Office, PLLC
1840 E 54th St
Davenport, IA 52807
United States (US)
Phone: (563) 445-7400

Opening hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM

Map

duffy_hmpg_map.png

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us