Living Trust

Benefits of a Revocable Living Trust
Living trusts may be fully revocable, so you can change or terminate them at any time during your lifetime.  If you make yourself the initial beneficiary, you receive the income from the trust assets.  In addition you have the right to:

• Determine the investment objectives of the trust
• Add or withdraw principal
• Change the terms of the plan
• Change the ultimate beneficiary at any time
• Free yourself from management by turning over responsibility to a professional trustee

The beneficiaries you name may receive the trust remainder after your lifetime as an outright distribution, or the assets can continue in trust.

Other benefits include:

• A living trust cuts probate costs because the assets held in the trust are not included in your probate estate.
• Details about the beneficiaries and assets of a living trust are more private, typically protecting them from entering public record.

Irrevocable trusts can give you an income tax charitable deduction immediately, but your flexibility is limited.

NOTE:  Although the information set forth herein is believed to be accurate, you should consult your attorney or other tax advisor prior to taking any action.