revocable living trusts

1. Revocable (Living) Trusts

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3. 3 Revocable Trusts Introduction Advantages Disadvantages Summary

4. 4 Introduction Inter vivos (living) trust Revocable Amendable Grantor maintains control Income taxed to the grantor Value of trust included in the grantor’s estate

5. 5 Revocable Trusts Introduction Advantages Disadvantages Summary

6. 6 Advantages Grantor Determines Trustee Uninterrupted Continuity Serves As a Trial Run Professional Management without Grantor’s Loss of Control Flexibility Protection from Beneficiaries’ Creditors

7. 7 Advantages Grantor Determines Trustee Uninterrupted Continuity Serves As a Trial Run Professional Management without Grantor’s Loss of Control Flexibility Protection from Beneficiaries’ Creditors

8. 8 Advantages Grantor Determines Trustee Uninterrupted Continuity Serves As a Trial Run Professional Management without Grantor’s Loss of Control Flexibility Protection from Beneficiaries’ Creditors

9. 9 Advantages Grantor Determines Trustee Uninterrupted Continuity Serves As a Trial Run Professional Management without Grantor’s Loss of Control Flexibility Protection from Beneficiaries’ Creditors

10. 10 Advantages Grantor Determines Trustee Uninterrupted Continuity Serves As a Trial Run Professional Management without Grantor’s Loss of Control Flexibility Protection from Beneficiaries’ Creditors

11. 11 Advantages Grantor Determines Trustee Uninterrupted Continuity Serves As a Trial Run Professional Management without Grantor’s Loss of Control Flexibility Protection from Beneficiaries’ Creditors

12. 12 Advantages Avoidance of Probate Reduction of Administrative Costs Serves As Will Substitute Minimizes or Avoids Disputes Tax Treatment

13. 13 Avoidance of Probate No probate for grantor trust assets Expedites distribution of assets Privacy Probate expenses minimized

14. 14 Advantages Avoidance of Probate Reduction of Administrative Costs Serves As Will Substitute Minimizes or Avoids Disputes Tax Treatment

15. 15 Advantages Avoidance of Probate Reduction of Administrative Costs Serves As Will Substitute Minimizes or Avoids Disputes Tax Treatment

16. 16 Will Substitute Becomes irrevocable on owner’s death Provides for disposition like a will Does not eliminate the need for a will

17. 17 Advantages Avoidance of Probate Reduction of Administrative Costs Serves As Will Substitute Minimizes or Avoids Disputes Tax Treatment

18. 18 Advantages Avoidance of Probate Reduction of Administrative Costs Serves As Will Substitute Minimizes or Avoids Disputes Tax Treatment

19. 19 Revocable Trusts Introduction Advantages Disadvantages Summary

20. 20 Disadvantages Cost Failure to Fully Fund the Trust Some Property Is Not Appropriate

21. 21 Disadvantages Cost Failure to Fully Fund the Trust Some Property Is Not Appropriate

22. 22 Disadvantages Cost Failure to Fully Fund the Trust Some Property Is Not Appropriate

23. 23 Some Property Not Appropriate S corporation stock Real property generating passive activity losses Certain depreciating assets

24. 24 Revocable Trusts Introduction Advantages Disadvantages Summary

25. Thank You Questions?