Usually, the best way to avoid probate is to transfer your assets to your beneficiaries by establishing a revocable living trust. Once you put your assets into a living trust, they are managed by your appointed trustee and are not liable to probate or to estate tax. You should remember, however, that according to the recent revisions to the tax code, only those with assets over $11.2 million are subject to inheritance tax.

A living trust also has the advantage of protecting your privacy since, unlike a will, the trust is not a matter of public record. In your living trust you name a trustee and a surrogate trustee in case the first-named individual dies or becomes unable to perform the necessary duties. At the time of your death, the trust becomes irrevocable and the trustee in charge (now known as a successor trustee) will transfer your assets to your beneficiaries. As the name implies, a revocable trust has the advantage of being able to be changed at any time.

While most people do not opt for irrevocable trusts because of their permanence, such trusts do have tax advantages for those with extremely high-value assets. Irrevocable trusts will also do a good job of protecting your assets from creditors.

Once you commit to working with our highly qualified, compassionate attorneys at the Your Legacy Legal Care®, you will be pleased to find that we are comprehensive as well as attentive to detail. We are fully capable of helping you to deal with any and all of the following matters:

No matter what your estate planning needs are, the attorneys at Your Legacy Legal Care® are eager to meet them. You will find us accessible, frank, and responsive. Why not call us or fill out one of the contact forms on our website today? You’ll be glad you did.