Living Trusts

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    A living trust is an estate planning tool established during a person’s lifetime that holds and protects their assets while still allowing use of the assets. The trust also directs the distribution of the assets to designated beneficiaries after a person’s death. The financial advisors at Hollander Lone and Maxbauer in Southfield, MI, aid clients in working out their living trusts through a careful review of current and future financial standing and goals.

    Assets That Can and Cannot Be Included in Living Trusts

    Some individuals prefer the idea of a living trust to a last will and testament because the former document bypasses the probate process. Many people, though pursue a living trust so they can have a voice in the transfer of chosen assets to chosen beneficiaries after their death.

    Certain assets cannot be placed in a trust and must be dealt with in different ways, including:

    • Retirement assets (IRAs, 401ks, etc.)
    • Health savings account (HSA) balances
    • Motor vehicles
    • Foreign investments

    Everyone’s financial circumstances are different, and not everyone will be interested in living trusts. While nearly everyone should have a will, anyone with assets over $100,000, minor children, and concerns about the difficulty of probate, a trust can serve a valuable role.

    Assets that can be placed in a living trust include:

    • Real estate (land and homes)
    • Jewelry
    • Artwork or antiques
    • Business interests
    • Financial accounts
    • Other personal property
    Assets That Can and Cannot Be Included in Living Trusts - Hollander Lone Can Help
    Benefits of a Revocable Living Trust - To Help You Better Understand

    Benefits of a Revocable Living Trust

    A living trust can be either revocable or irrevocable, which affects the flexibility of the document and how its distribution of assets are taxed. A living trust is commonly known as a revocable living trust or a revocable trust and is the most common incarnation of this document.

    There are many benefits to holding a revocable living trust. This estate planning tool can help individuals and their families:

    • Avoid probate: A trust can minimize or prevent a lengthy, complex, and sometimes costly probate process. Probate is one of the main reasons people add a living trust to their estate plan.
    • Rely on a trustee: This legal document names a trustee whose role begins upon the death of the holder of the trust. The trustee controls the assets in the trust, distributes assets as directed, and manages assets according to a beneficiary’s best interests.
    • Immediate distribution of assets: With a trust, assets are immediately accessible to beneficiaries because they are held by the trust and not your estate so the probate process is avoided.
    • Maintain control: Assets remain in your control and provide you with the power to change beneficiaries at any time. For example, you can opt to set up a trust within a trust for a minor beneficiary (say, a new grandchild) after the original document is created and the assets can be held until that beneficiary is of a responsible age.
    • Ensure privacy: Probate is an open process that’s part of the public record. A living trust guarantees privacy for you and your family after your death. No one can search the public record to learn about your assets or their distribution.

    Is a Living Trust Right for Your Estate Planning Measures?

    A living trust is a flexible, smart document for any financially savvy adult to have as part of their estate plan, especially for anyone who has complicated investment accounts, extensive assets, multiple homes, or a large family from multiple marriages.

    Work with a financial expert at Hollander Lone Maxbauer to determine the best moves to make for your estate to protect your assets now and protect your beneficiaries later. Contact us to schedule a consultation.

    Is a Living Trust Right for Your Estate Planning Measures - Hollander Lone Maxbauer Have the Answers

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