Revocable Living Trusts

September 20, 2021 on ForYourBenefit, host Bob Leins, CPA® welcomes Anne Sullivan, Esq. and Lacey Yegen, Esq.  This is a common topic, but one that people ask a lot of questions about.  Today’s program plans to address:

• Types of trusts
• Revocable living trusts explained
• Advantages and drawbacks of having a revocable living trust
• Are you the right candidate for a revocable living trust?
• Whether to get a joint or separate revocable living trust
• Retitling assets to the living trust
• What a revocable living trust will not do for you (asset protection and Medicaid planning)
• Common questions and pitfalls to avoid (e.g., refinancing home in trust; how to amend/revoke a living trust; what happens if the trust is not funded; accidentally making a revocable living trust a beneficiary of a tax-deferred retirement account)
• How trust administration works after death.

Send in a question:  Email us in advance at ForYourBenefit@nitpinc.com