If You Own A Home You Need A Living Trust

If You Own A Home You Need A Living Trust

Five Reasons You Need a Living Trust!

Here at Team Emanuele we believe in finding the right solutions to meet our client’s real estate needs. We want to earn your business and strive to go above and beyond to meet the individual needs of our clients.

During the upheaval of buying a new property and moving sometimes important things are overlooked. With home ownership, the need to take action to protect one's assets becomes even more critical. An important step in this process is the creation of a sound estate plan, the key element of which is a living trust. Here are five reasons why a revocable trust is important for you and your family:

  • It allows you to pass on assets privately, quickly and efficiently: A revocable trust maintains your privacy, as it will not be filed with a probate court and will never become a public document, which is very different from a will. In addition, when you transfer property into your revocable trust during your lifetime, it will avoid the expense and delays of probate. It also benefits you during your lifetime if you become incapacitated, the trustee of your choosing can manage the assets in your revocable living trust without the need for a court-appointed guardian.

  • It helps preserve your assets for heirs and charities: You can change your revocable living trust at any time, but when you die it becomes irrevocable, and the provisions referring to the disposition of assets to your heirs and charities must be administered according to the terms set forth in your trust. Unlike a will, a revocable living trust can also include language allowing the trustee to protect assets from creditors of, or a legal judgement against, one of your beneficiaries.

  • It allows you to retain control over distributions: Your trust can specify when distributions of income and principal will be available to beneficiaries, such as, for example, children and grandchildren. Your trust can include distributions for specific purposes like education or health care expenses. You can also set it up so that distributions to beneficiaries are made at specific ages, such as a quarter of the principal at age 30, half at 35 and the remainder at 40.

  • It allows you to distribute retirement accounts efficiently: When your trust is the beneficiary of your retirement accounts (IRAs, retirement plans, etc.), the trustee can limit withdrawals to the retirement account's minimum required distributions based on the life expectancy of the oldest beneficiary. This stops a beneficiary from liquidating the retirement account thereby creating a large income tax obligation.

  • It helps keep assets in the family: When a surviving spouse remarries, the concern arises that a new spouse's children could inherit assets and reduce what children of the first marriage might receive. In this case, a special trust provision can provide income to the second spouse while he/she is alive, then distribute the assets to the children of the first marriage after his/her death.

We always recommend that you consult with the attorney of your choice to draft the right estate plan to meet your individual needs. Even if you already have a revocable living trust, an important life event, such as buying a new home, is usually a great time to review it. As life changes, your estate planning needs change with it. Once your estate plan is complete, make certain to title your property in your trust.

For all of your real estate needs please reach out to us by phone 702-572-4227 or text or email Kurt@TeamEmanuele.com for assistance with all of your real estate needs and "expect excellence"!

Richard Emanuele Headshot
Phone: 702-506-4090
Dated: December 4th 2018
Views: 1,633
About Richard: Richard Emanuele is a top Producing Real Estate agent who holds distinguished designations such as: ...

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