For those who place a premium on their privacy, they will love the privacy afforded by a properly drafted and funded Living Trust. The extent of your assets, the details of administration, and the identity of the recipients of your estate need not be disclosed as would otherwise be the case with the probate administration of your Will or Testamentary Trust.
A living trust is a paper entity, a trust to which you transfer all (excluding motor vehicles) or any part of your assets during your lifetime. While the assets are no longer in your name for public purposes, as the Trustee they remain under your complete control.
For married couples whose estate exceeds the federal exemption ($2,000,000 each in 2006), a marital trust can be extremely advantageous when properly established. At the death of a settlor, the trust is divided into two trusts. The first trust preserves the deceased settlor's $2,000,000 exemption. The second trust is for the deceased settlor's spouse and qualifies for the maximum marital deduction.
At the death of the surviving spouse the assets remaining in the two Trusts could pass to the settlor's children, or, to achieve maximum asset protection the trust could continue on for the future benefit of grandchildren.
A proper estate plan should normally include a revocable trust. Call us today for a free consultation to discuss how a revocable trust can be of benefit to you and your family.