Transfer to the trust of some assets may not be necessary, provided the value of this property combined with other assets outside the trust is less than $100,000. Probate is required if the assets in a person's name at death exceed $100,000 in total value. For the sake of convenience, certain assets such as a car and checking account are often kept out of a revocable living trust. See similar questions...

No. General rule of law holds that whatever you can access, others may access as well. Assets in a revocable living trust are open and available to you; therefore, they are also open and available to Medicaid. What would make your assets safe is an irrevocable living trust, such as the MPS™ Trademarked Medicaid Trusts we offer. These allow you to retain access to and control of your assets, while protecting them at the same time. See similar questions...

The assets that should commonly be placed in a revocable living trust are your home(s), other real property, time shares, personal property, bank savings accounts, certificates of deposit, credit union accounts, savings and loan accounts, stock certificates, brokerage accounts, mutual funds, interests in any business and exotic or collectible/classic cars. See similar questions...

The trustee of a revocable living trust administers only those assets that were transferred to the trustee. If you own something outside your trust when you die, the only way to get it into your trust after you're gone (which may be very important if some of your beneficiaries are very young or unable to handle assets themselves), is to have a pourover will. See similar questions...

There is much discussion these days over the use of revocable trusts (also called living trusts) in estate planning. Lawyers, accountants and financial advisors seem to have differing opinions about... MORE See similar questions...

Absolutely not. As trustee of your Revocable Living Trust, you have total control of your assets until your incapacity or death. You can amend, or even revoke, the terms of the trust. You even file the same income tax returns. See similar questions...

Your personally selected successor trustee will control your assets. If you and your spouse are cotrustees, either of you can act and have instant control if one becomes incapacitated or dies. If something happens to both of you, or if you are the only trustee, your handpicked successor trustee will control your assets. See similar questions...

The account statement, stock certificate, title or deed will make some reference to the trust or to you as trustee. Some examples are: See similar questions...

Living Trusts are nearly always revocable until one of the settlors (trust creators) dies, at which time the decedent’s portion of the Living Trust becomes irrevocable. Because the Living Trust is revocable while the settlor is alive, it can be amended or terminated by the settlor, but can not be amended or terminated by a surviving spouse or a successor trustee. The Living Trust needs to be flexible to address changing circumstances and the varying needs of your family. See similar questions...

Most clients name themselves as the initial Trustee and provide for a successor or substitute Trustee if they should die, resign or become incapacitated. In deciding whom to name as your successor Trustee, you should consider the same points mentioned above when naming your Personal Representative (Executor). See similar questions...

A revocable living trust is the cornerstone of any estate plan. There are several advantages to creating this trust, including the possibility of saving thousands, or hundred of thousands, of dollars in probate fees and estate taxes. A revocable living trust avoids the need for probate, along with its high fees and delays. It provides an efficient means of distributing and selling your assets upon your death. See similar questions...

Your Revocable Living Trust instructions can be modified whenever you wish. At any time while you are alive and competent, you may alter, amend, or even revoke your Living Trust. See similar questions...