Trusts

     		Wills

 

A revocable living trust is created during your lifetime and may be amended or revoked at any time.  You will be appointed as the trustee of the trust, which holds title to real or personal property transferred to the trust.  As the settlor, or creator of the trust, you will receive all income generated by the assets as a trust beneficiary. 

Upon your death, your successor trustee administers the trust and distributes its income and principal to your designated beneficiaries. The benefits of creating a trust include the following:

• Assets placed in the trust are not subject to a probate of your estate
• Distributions to your beneficiaries can be made over an extended period of time
• Your attorney and your accountant will be able to advise you of any particular estate and income tax advantages pertaining to your specific circumstances

The cost of creating an estate planning package varies depending upon the complexity of its provisions.  A trust may be considered more complex when created by husband and wife particularly in larger estates where tax planning objectives are considered.  Simple estate planning arrangements where the principal objective is to avoid a probate of your estate can be created for as little as $500.

A typical estate planning package my include the following:

• A revocable living trust

• A pour-over will

• An advance health care directive (living will)

• Durable powers of attorney, and

• Such documents as may be required to transfer designated property to the trust

If you would like more information about the advantages of creating a revocable living trust or other estate planning matters, please contact our offices at sb@bosslaw.net.   We will be happy to provide a brochure and work sheet, which will assist you in developing the information necessary for us to provide advice which is specific to your situation.