Frequently asked questions about Revocable Living Trusts Q. If I transfer Real Estate Into the Trust, will my property taxes go up? A. No. Transfers into a Revocable Living Trust have no effect on your property taxes. However, some states such as Florida require that your primary residence, if it is placed into the trust, be titled in a specific manner, otherwise it may effect its ability to qualify for what is know as the homestead deduction. Q. If I am only a part owner of property, can I transfer my share Into a Trust? A. Yes. Your share can go into the Trust without affecting the shares owned by others. Q. Can I name trustees and beneficiaries that live out of state? A. Yes. There is no limitation on where your trustees or beneficiaries reside. Q. Is It difficult to transfer assets to my Trust? A. No. All your assets except IRA and pension benefit should be owned by your Revocable Living Trust. We can transfer your real estate and all your personal property for you. The only assets you need to transfer are your stocks, bonds, and bank accounts and in most cases there is no fee for changing these assets. Q. Can any attorney create a Revocable Living Trust? A. No. The drafting of your Revocable Living Trust should only be done by an attorney trained in the area of Trust Law and Revocable Living Trusts. After all, your Trust will be the document which manages and disposes of all your hard earned wealth. Make certain you choose a law firm which Is both qualified and experienced. Q. What if I move to another state. Is the Trust still valid? A. Yes. The Revocable Living Trust is valid in all 50 states, regardless of the state where it was created. Q. Is a Living Trust only for the rich? A. No. A Living Trust can help anyone who wants to protect his or her family from unnecessary probate fees and death taxes. Q. Will I have to consult an attorney every time I buy new assets? A. No. Once your current assets are transferred to your Trust, you buy all new assets in the name of the Trust and they will automatically be owned by your Trust. Q. Does the Trust need to be registered or recorded anywhere? A. No. The Revocable Living Trust is a private document which is not recorded. However, if you own any interest in real estate, the new deeds showing Trust ownership will be recorded. Q. Can I sell assets owned by the Trust without complications? A. Yes. You sell assets in the same way you currently do. You will, however, add the word -Trustee after your signature. Q. Can I change the terms of the Trust? A. Yes. While you are alive and competent, you can alter the Trust or even revoke it without penalty at any time. Q. Can I transfer Real Estate Into the Trust? A. Yes. In fact all real estate should be transferred into your Family Trust. Otherwise there will be a Probate in every state where you own real property. Q. Is the Revocable Living Trust just a tax loophole that the government will close down? A. No. The Revocable Living Trust has been authorized by the law for centuries. The state has no Interest in making you go through Probate. Those proceedings only clog up the court system. In addition, there is no movement in Congress to reduce the Estate Tax benefits available to a Revocable Living Trust. In fact, in the past 12 years Congress has increased the tax benefits of a Trust tenfold from $120,000 to $1,200,000, with proposals to increase it again. Q. Is a Living Trust a good idea for a single person? A. Yes. If you are widowed, divorced, or unmarried, a Living Trust protects your Estate. it completely eliminates Probate, while providing you with a unified incapacity plan. Q. Are there any major disadvantages in planning my Estate with a Revocable Living Trust? A. No. because you have complete control of all assets in your trust, you are free to manage your Trust in any way. Also, because your Trust is revocable, you retain the right to make any changes in it while you are alive and competent.

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