A??living trust? is simply a trust you create while you?re alive, rather than one that is created at your death under the terms of your will. Different kinds of living trusts can help you avoid probate, reduce estate taxes, or set up long-term property management. This is a special estate planning document that not all attorney have experience.
A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust.
A simple probate-avoidance living trust has no effect on taxes. More complicated living trusts, however, can greatly reduce the federal estate tax bill for people who own a lot of valuable assets.
One tax-saving living trust is designed primarily for married couples with children. It?s commonly called an AB trust, though it goes by many other names, including credit shelter trust, exemption trust, marital life estate trust, and marital bypass trust. Each spouse leaves property, in trust, to the other for life, and then to the children. This type of trust can save up to hundreds of thousands of dollars in estate taxes, money that will be passed on to the couple?s inheritors.
Getting a Living Trust in Durham
There are many attorneys in the Durham area to?consider?for your living trust. You will want to determine if the are experience in drafting a Living Trust, as they are different from simple wills. You?ll also want to meet with them. This is a personal document and trusting your attorney is very important.
If you?believe?a living trust is in order, call 919-683-9500 today to speak to an attorney.
Source: http://www.durhamtrafficlaw.com/what-is-a-trust/
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