9 Living Trust Secrets Revealed - Duffy Law Office, PLLC

Are you privy to this living trust information? Read on to see if you and your family have all the trust protections you can have. Here are 9 living trust secrets revealed.

You can minimize or eliminate federal estate taxes by using a credit shelter (i.e. AB trust) within your living trust.
You can provide asset protection for your spouse and childrens inheritance by creating lifetime trust shares within your own living trust.
You can avoid court interference into your financial affairs and having your assets frozen if you have strong disability language in your living trust and your trust is funded.
You can avoid probate by using a fully funded living trust.
You dont have to disinherit a spendthrift, addicted, disabled, or minor beneficiary if you plan with a trust.
If youre married and include a tax plan in your living trust, a significant portion of your legal fees to set up the trust are tax deductible.
Your trust is not a magic book, you must name trustees (and contingent trustees) to carry out your instructions.
Your trust needs to be updated every three to five years (or sooner if you experience a significant life event such as a new child, divorce, marriage, or move to a new state.)
You maintain control of your assets with a living trust.

If any of these 9 living trust secrets are a surprise to you and you dont have an up-to-date trust in place, consult with a qualified estate planning attorney.