Revocable Living Trusts
Wills alone do not provide tax benefits, whereas Revocable Living Trusts do!
Revocable Living Trusts include specific provisions to be implemented when a spouse becomes legally incapacitated, incompetent, or dies, and how estate assets can be managed by a surviving spouse or other Successor Trustee, including important provisions for spouses, children and other loved ones.
A Revocable Living Trust is a contract between one or more individuals, also called maker(s), Trustor(s) or Grantor(s), and the Trustee. The Trustor provides detailed instructions concerning the retention and disposition of all trust assets. These instructions specify how the assets are to be held and distributed during the maker’s lifetime, and during disability or incapacity, as well as upon death. The term "Revocable" means that the Trustor, or maker, has the legal reservation, right, and ability, to amend or revoke the trust as he or she directs. The maker(s) may also be the Trustee(s).
Trusts should be funded with all of the Trustor's assets, to protect the assets and enable the Trustor, or maker, to accomplish all of the desired objectives, importantly:
- Avoid Probate Court upon incapacity, disability, or death; no Probate required!
- Avoid Probate Court administration, required with Wills.
- Avoid Federal and State Probate taxes, costs, expense and time.
- Avoid Will contest litigation, costs, time, expenses, legal fees.
- Avoid lengthy delay in distribution of assets, and inheritances to loved ones.
- Avoid inequities from transfer-on-death accounts, or TOD Deeds.
- Avoid loss of control over timing of asset distribution.
- Protect spouse, children, family and other beneficiaries of the estate.
- Provide for issues with divorces, second and subsequent marriages; protection for children.
- Individualized planning for children, dependents, special needs.
- Minimize or eliminate Federal and State estate tax, costs, legal fees.
Your Attorney can advise and assist you in creating and funding your Revocable Living Trust.
"WHERE EXPERIENCE COUNTS, COUNT ON MY EXPERIENCE"
J. NORMAN STARK, ATTORNEY
ARCHITECT EMERITUS (Ohio) A.I.A., N.C.A.R.B.
1109 Carnegie Avenue (2nd Flr.) Cleveland, Ohio 44115-2805
(216) 531-5310 x7100 Cel: (216) 310-7100
J. Norman Stark,