Call us today:
501-525-4401

farrar and williams attorneys in hot springs arkansas specializing in elder law and estate planning

REVOCABLE LIVING TRUST

Revocable Living Trust Hot Springs, Arkansas

THE REVOCABLE LIVING TRUST:The Revocable Living Trust is clearly the preferred estate planning strategy for the 21st Century. Recent changes in IRS regulations have greatly simplified the use of the Revocable Living Trust. Many families have converted their estate plan from a “testamentary” plan (i.e., an estate plan controlled by a Will), to a “trust” plan (i.e., a plan controlled by a Revocable Living Trust).

ADVANTAGES OF A REVOCABLE LIVING TRUST:

Most families have the following basic estate planning goals:
  • Avoid Expense (up to 6%) and Delay of Probate (up to 2 years!)
  • Disability Management
  • Estate Tax Savings (taxes up to 35%)
  • Second Marriage Planning
  • Simplicity for Family Following Your Death
  • Optional Protection for Your Adult Children’s Inheritance
Where:
i. Child with creditor or marital problems;
ii. Child with disability;
iii. To insure that assets ultimately pass to grandchildren (and not in-laws).

DISADVANTAGES OF A REVOCABLE LIVING TRUST:
  • Required re-registration of major assets in trust name
  • Attorney fees for drafting Trust are higher than for simple Wills
  • Does not increase eligibility for government nursing home benefits

YOUR CHOICE OF TRUSTEE:

Your Trustee can be any of the following:
  • You (and/or your spouse)
  • Your Children
  • Bank Trust Department
  • Other Corporate Trustee
Share by: