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Living Trusts

A Living Trust is a Revocable Trust - the terms are interchangeable and they mean that this is a
trust which can be amended by the Settlor(s) - the person(s) who created the trust - you.

Living Trusts are separate legal entities capable of owning property. As such, you can place
your property into the Living Trust and that property can be managed by you, for your benefit
allowing you to enjoy all the fruits and benefits of owning the property, but insuring that your
property will pass to those that you wish, when you wish, receiving step-up in basis where
appropriate and avoiding probate proceedings.

The Living Trust also provides management plans should the Settlor become incapacitated. The
Successor Trustee can step in to act on behalf of the Settlor. This insures that you have a person
whom you have faith and confidence in making decisions for you; not someone appointed by the
Court or someone you would not have chosen if you were able.

Upon your passing the Living Trust will organize and distribute your property to whom you want
when you want. Clients often send their property to their children, although this is not always
the case. Sometimes these children are young or immature and will need help to manage their
new inheritance. You make the choices under your Living Trust.

The Living Trust avoids Probate Proceedings. A Probate Proceeding is required when a person
dies, owns property in their own name, and such property has a greater gross value than $50,000
for real property and/or $150,000 for personal property. When the Living Trust owns the
property, you do not and if you do not, then a Probate Proceeding is physically impossible.

Many high net-worth clients wish to insure that they have taken advantage of all of the tax
saving measures available to them. This comes in the form of a Credit Shelter Trust, often
referred to as am A-B Trust. These tax saving principles are incorporated into the Living Trust.

If you are an adult who owns their own home; if you are a parent or grandparent; if you wish to
make decisions for yourself regarding the management of your financial affairs, then you need a
Living Trust. Give our office a call to set up your free no obligation consultation.