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Probate avoidance with ease. Hire our Law Firm to draft your Revocable Living Trust. We create trusts for small, medium and large estates.
It doesn’t matter if you’re estate is modest or large and complex. With almost 25 years of wills and trusts experience we can handle all of your estate planning needs: wills, trusts, health care directives, Hippa Authorization, Schedule of Assets, etc. We are a fully licensed law firm, and we will complete all of the work for you. Don’t fall for non-attorney competitors who only support you as you do all of the work (why would you pay your hard-earned money to a third party only for you to do all of the work?).
Why Use Our Law Firm to Register your Wills and Trusts?
Wills and Trusts help Shape the future brand of your estate planning
Efficient Attorney Services
Why would you hand over your wills and trusts to non-lawyers, particularly those who may merely seek advice from attorneys instead of ensuring these professionals directly draft your estate planning items?
Experience Attorney
With more than twenty years of experience drafting wills and trusts, we stand by our service.
Proven Success Rate
For almost 25 years clients have depended on us to draft their wills and trusts. We are highly rated on Alignable and have a A+ Rating with the BBB and 5 star ratings across the board – Google, Facebook, Avvo, Martindale, Nolo, Cybo, BirdsEye, and Lawyers.com.
Cost-effective legal assistance for Wills and Trusts.
Fees starting at $599.00 Plus filing fees.
WILLS and Trust Services
Which type of will and trust fit your situation? Please select from the listed categories. For multiple types, a separate order is required for each after finalizing your purchase.
Wills and Trusts are classified into several categories, each aimed at protecting assets from probate and/or from third party creditors and making sure said assts transfer to the appropriate beneficiary. Here is an organized outline of the main types of Wills and Trusts:
1. Irrevocable Trust $1,649.00
- Description: Consist of words, letters, numbers, or their combinations without any claim to font style, size, or color.
- Purpose: To protect the textual content itself, irrespective of how it is p
2. Individual Revocable Living Trust $599.00
- Includes: living trust, certificate of trust, list of assets, bill of transfer, pour over will, HIPPA Authorization, power of attorney, health care directive, 12 months of attorney counsel service.
3. Couples Revocable Living Trust 949.00
- Includes: living trust, certificate of trust, list of assets, bill of transfer, pour over will, HIPPA Authorization, power of attorney, health care directive, 12 months of attorney counsel service.
4. Individual Will or Mirror Will $349.00 apiece
- Includes: Last Will and Testament, HIPPA Authorization, power of attorney, health care directive and attorney counsel for 12 months.
5. Joint Will $699.00 Plus Filing Fee
- Includes: Last Will and Testament, HIPPA Authorization, power of attorney, health care directive and attorney counsel for 12 months.
6. Special Needs Trust $999.00
- Description: Special Needs Trust, HIPPA Authorization, power of attorney, health care directive and attorney counsel for 12 months.
7. Investment Trust $1,999.00
- Description: Investment Trust, HIPPA Authorization, power of attorney, health care directive and attorney counsel for 12 months.
8. Irrevocable Life Insurance Trust $1,299.00
- Irrevocable Life Insurance Trust, HIPPA Authorization, power of attorney, health care directive and attorney counsel for 12 months
When you hire our law firm we will handle the hard work, making your Wills and Trust experience easy. The Wills and Trust (roadmap) is as follows:
You hire us to complete your will and trust.
We will make a list of your assets, liabilities, beneficiaries, and estate planning goals. We determine if you need a simple will, living trust, or both. We identify special concerns (e.g., minor children, disabled dependents, business ownership. Discuss tax implications and probate avoidance strategies.
Workout Key Provisions in the Will: Executor Appointment – Assigns a personal representative. ✔ Guardian for Minor Children – Names a caretaker if both parents pass away. ✔ Specific Bequests – Lists individual asset distributions. ✔ Residuary Clause – Specifies distribution of remaining assets. ✔ Trust Creation (If Needed) – Establishes a trust for asset management.
✔ Disinheritance Clause (if applicable) – Prevents challenges from excluded heirs.
✔ Funeral & Burial Instructions – If the client has specific requests.
Workout Key Provisions in the Will: ✔ Grantor & Trustee Designation – Identifies who controls the trust. ✔ Successor Trustee – Names a backup trustee in case of incapacity or death. ✔ Beneficiaries & Distribution Terms – Defines how assets are distributed. ✔ Asset Management Instructions – Specifies investment strategies and payouts. ✔ Spendthrift Clause – Protects beneficiaries from creditors. ✔ Special Provisions for Minor or Disabled Beneficiaries – Allows structured payments.
A revocable trust (also known as a living trust) is an estate planning tool that allows you to manage and distribute your assets during your lifetime and after your death—while maintaining control over them. Unlike a will, a revocable trust avoids probate, provides privacy, and allows for flexible estate management.
How long does a Will and Trust last?
A Revocable Trust (also called a Living Trust) can last for different periods of time depending on the terms set by the grantor (the person who creates the trust). The duration of a Revocable Trust is affected by state laws, the trust agreement, and specific conditions outlined in the trust document.
1. How Long a Revocable Trust Lasts During the Grantor’s Lifetime
✅ A Revocable Trust remains in effect for the lifetime of the grantor unless they decide to amend or revoke it.
✅ The grantor can change beneficiaries, add/remove assets, or dissolve the trust at any time while they are alive and mentally competent.
🚨 What Happens If the Grantor Becomes Incapacitated?
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The Successor Trustee (appointed in the trust) takes over management of the trust if the grantor becomes incapacitated due to illness or disability.
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The trust continues to manage assets without court intervention, avoiding the need for a conservatorship.
🔹 Example: A person creates a Revocable Trust at age 50, and at age 75, they develop dementia. The successor trustee continues managing the trust assets on their behalf.
What is a Revocable Living Trust and a Last Will and Testament?
We can complete the trademark renewal for $599 plus filing fees.
2. Factors That Affect How Long a Revocable Trust Lasts
✅ Trust Terms & Instructions
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The trust document itself defines how long the trust remains active after the grantor’s death.
✅ State Laws on Perpetuities
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Some states limit how long a trust can last (e.g., 21 years after a beneficiary's death).
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Some states allow "perpetual trusts" or "dynasty trusts", which can last for generations.
✅ Successor Trustee Decisions
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The trustee has a fiduciary duty to follow the trust terms but may have discretion over timing of asset distribution.
For an additional fee we can help fund the trust. ✅ Retitle Assets in the Name of the Trust (e.g., real estate, bank accounts, stocks). ✅ Update Beneficiary Designations (e.g., life insurance, retirement accounts). ✅ Ensure the Trust Owns Business Interests or Real Estate (if applicable).
Execute the Documents: ✅ Ensure the client signs the will and trust in the presence of witnesses and a notary. ✅ Follow state-specific execution requirements. ✅ Store originals in a safe place, and provide copies to executors/trustees.
Future instructions. Keep our attorney counsel service updated so you may seek future advice when needed. ✅ Advise the client to review and update documents after major life changes (marriage, divorce, birth of children, etc.).
✅ Recommend periodic reviews every 3-5 years.✅ Offer ongoing estate planning services.
Difference between Living Trust, Pour Over Will Last Will and Testament
They differ based on the size of your estate.
1
Living Trust
What It Is:
A Living Trust is a legal entity created to hold and manage your assets during your lifetime and after death. The trustee manages assets for the benefit of the named beneficiaries.
✅ Avoids probate – Assets in the trust bypass the court process, ensuring a smooth transfer.
✅ Manages assets during life and after death – Can provide incapacity planning in case of illness.
✅ Revocable Trust – Can be modified or revoked at any time.
✅ Irrevocable Trust – Provides strong asset protection and estate tax benefits but cannot be changed.
✅ Protects privacy – Unlike a will, a trust is not part of the public record.
🚨 Important: A Living Trust only controls assets that have been transferred into it—anything outside the trust may need a will to be distributed.
🔹 Example: A parent places their rental-home, investment accounts, and savings into a Living Trust to ensure their children inherit assets without probate delays.
2
Pour Over Will
What It Is:
A Pour-Over Will works alongside a Living Trust, ensuring any assets not already in the trust at the time of death are transferred into it.
✅ Catches forgotten or newly acquired assets – Ensures everything ends up in the trust.
✅ Still subject to probate – The assets not previously in the trust must go through probate before being transferred.
✅ Protects intent – Ensures assets don’t accidentally go to unintended beneficiaries.
🚨 Important: The goal of a Pour-Over Will is to complement a Living Trust, but it does not eliminate probate entirely if assets were not properly transferred into the trust during life.
🔹 Example: A business owner creates a Living Trust but forgets to transfer a recently purchased rental property into it. The Pour-Over Will ensures the property is transferred after death.
3
Last Will and Testament
What It Is:
A Last Will and Testament is a legal document that specifies how your assets should be distributed after your death. Unlike a trust, a will must go through probate before assets are distributed.
✅ Names beneficiaries – Directs who inherits assets.
✅ Appoints guardians for minor children – Critical for parents with young children.
✅ Goes through probate – Court-supervised process ensures validity and settles debts before asset distribution.
✅ Public record – Wills become part of public records after probate.
✅ Can be contested – Family members or creditors can challenge the will in court.
🚨 Important: A will does not provide lifetime asset management or privacy like a trust.
🔹 Example: A person with only a will passes away, and their family must go through probate court before they can receive their inheritance.
Irrevocable Trust Scope of Protection
An Irrevocable Trust is a powerful estate planning tool that provides asset protection, tax advantages, and estate planning benefits by permanently transferring ownership of assets to the trust. Below is an in-depth look at how Irrevocable Trusts protect assets, limit liabilities, and benefit beneficiaries.
1. Protection from Creditors & Lawsuits
✅ Shields assets from personal creditors – Since the grantor no longer owns the assets, creditors cannot seize trust assets to satisfy personal debts.
✅ Provides lawsuit protection – Assets held in an Irrevocable Trust are protected from lawsuits, divorce settlements, and business liabilities.
🔹 Example: A doctor facing a malpractice lawsuit can protect assets if they were transferred to an Irrevocable Trust before the lawsuit arose.
🚨 Exception: If the trust is created to fraudulently avoid creditors, courts may reverse the transfer (fraudulent conveyance laws apply).
2. Protection from Estate Taxes
✅ Removes assets from the taxable estate – Assets in an Irrevocable Trust are not included in the grantor's estate, reducing estate tax liability.
✅ Ideal for high-net-worth individuals – Helps minimize or eliminate federal estate taxes.
🔹 Example: A business owner with a $10 million estate places assets into an Irrevocable Trust, reducing their taxable estate below federal exemption limits.
🚨 Exception: If the grantor retains control over the trust or benefits from its assets, the IRS may still consider it part of the estate.
3. Medicaid & Long-Term Care Protection
✅ Protects assets from Medicaid spend-down requirements – Assets placed in an Irrevocable Trust five years before applying for Medicaid are not counted for eligibility.
✅ Ensures long-term care benefits – Helps preserve wealth while qualifying for Medicaid.
🔹 Example: A retiree transfers assets into an Irrevocable Medicaid Asset Protection Trust (MAPT) to qualify for Medicaid nursing home benefits without depleting savings.
🚨 Exception: Medicaid has a 5-year look-back period—assets transferred within five years may still count toward eligibility.
4. Divorce & Marital Property Protection
✅ Prevents ex-spouses from claiming trust assets – Beneficiaries in an Irrevocable Trust do not legally own the assets, so they are not marital property in a divorce.
✅ Protects family wealth – Ideal for legacy planning to prevent family assets from being divided in divorce settlements.
🔹 Example: A parent places assets in a trust for their children to prevent assets from being split in a future divorce.
🚨 Exception: If the beneficiary co-mingles distributions with marital funds, courts may consider them divisible assets.
5. Special Needs & Disability Protection
✅ Preserves government benefits – A Special Needs Trust (SNT) allows beneficiaries to receive trust income without disqualifying them from Medicaid, SSI, or disability benefits.
✅ Ensures lifetime financial support – The trustee manages funds for medical, housing, and personal care needs.
🔹 Example: A parent sets up a Special Needs Trust for their disabled child to ensure lifelong financial support while maintaining eligibility for public assistance.
🚨 Exception: If the trust makes direct cash payments to the beneficiary, it may impact benefit eligibility.
6. Protection for Business & Real Estate Assets
✅ Separates business assets from personal liability – Business owners can transfer real estate, intellectual property, or ownership interests into an Irrevocable Trust for liability protection.
✅ Ensures business continuity – Trusts prevent forced asset liquidation in case of lawsuits or bankruptcy.
🔹 Example: A real estate investor transfers rental properties into an Irrevocable Trust to protect them from personal creditors.
🚨 Exception: If the grantor retains too much control over trust assets, courts may pierce the corporate veil and hold them liable.
7. Generational Wealth & Legacy Protection
✅ Keeps wealth within the family – Protects multi-generational assets from spendthrift beneficiaries or financial mismanagement.
✅ Allows for controlled distributions – The trust can distribute assets at specific ages or milestones to prevent irresponsible spending.
🔹 Example: A grandparent establishes a Dynasty Trust to pass down assets without estate taxes for multiple generations.
🚨 Exception: If the trust is not properly structured, assets may still be subject to estate taxes after several generations.
8. Irrevocable Life Insurance Trust (ILIT) for Tax-Free Inheritance
✅ Removes life insurance from taxable estate – Prevents life insurance proceeds from being counted in estate tax calculations.
✅ Provides tax-free inheritance – Ensures beneficiaries receive full policy benefits.
🔹 Example: A $5 million life insurance policy held in an ILIT is not included in the taxable estate, saving heirs millions in taxes.
🚨 Exception: If the grantor dies within 3 years of transferring the policy, the IRS may include it in the taxable estate. Potential Limitations of an Irrevocable Trust
❌ Loss of Control – Once assets are transferred, the grantor cannot modify or access them (except in rare cases with trust provisions).
❌ Irrevocability – Changes to beneficiaries, trustees, or asset distribution require court approval or a decanting process.
❌ Setup Complexity & Costs – Requires legal expertise to draft properly and ensure compliance with state laws.
❌ Fraudulent Transfers – Assets transferred to avoid existing debts or lawsuits may be challenged in court.
Final Thoughts: Should You Use an Irrevocable Trust for Asset Protection?
✔ YES, if you want to:
✅ Protect assets from creditors, lawsuits, and divorces.
✅ Qualify for Medicaid and government benefits.
✅ Reduce estate taxes and preserve generational wealth.
✅ Ensure business continuity and asset protection.
✔ NO, if you:
❌ Want full control over your assets.
❌ Need flexibility to change trust terms frequently.
HAVE YOUR WILL AND TRUST DRAFTED TODAY TO PROTECT YOUR ESTATE FROM PROBATE
Revocable Living Trusts play a crucial role in your estate planning efforts in several ways:
Key Benefits of a Revocable Trust
1. Avoids Probate
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One of the biggest advantages of a revocable trust is that it bypasses probate court, ensuring your assets are transferred directly to beneficiaries without lengthy delays.
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Probate can take months or even years and often involves costly legal fees.
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A trust allows for a faster and smoother transfer of assets.
2. Maintains Privacy
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Unlike a will, which becomes a public record after probate, a revocable trust keeps your estate private.
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This helps protect your beneficiaries and assets from public scrutiny, potential disputes, and creditors.
3. Provides Flexibility and Control
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As the grantor (creator) of the trust, you can modify, add, or remove assets from the trust at any time.
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You can change trust terms, beneficiaries, or trustees as your circumstances evolve.
4. Protects You in Case of Incapacity
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If you become incapacitated due to illness or injury, the trustee (whom you designate) can manage your assets without the need for a court-appointed guardian.
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This ensures seamless financial management and prevents your assets from being frozen or mismanaged.
5. Avoids Family Disputes
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Since a revocable trust allows for clear distribution of assets, it reduces the chances of legal challenges from disgruntled family members or heirs.
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This helps prevent family conflicts that often arise with wills.
6. Allows for Multi-State Property Management
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If you own property in multiple states, a revocable trust helps you avoid probate in each state where you own assets.
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This simplifies estate administration and reduces legal complexities.
7. Ensures Continuity of Asset Management
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Unlike a will, which only takes effect after your death, a revocable trust can manage assets throughout your lifetime.
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If you are unable to handle financial matters, your successor trustee can step in without court intervention.
8. Easier Asset Distribution to Beneficiaries
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A trust allows you to set specific conditions for how and when assets are distributed (e.g., children receiving inheritance at a certain age).
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This is especially useful for managing inheritance for minors, spendthrift heirs, or special needs beneficiaries.
When to Consider a Revocable Trust
A revocable trust is ideal if you:
✅ Want to avoid probate and keep your estate private
✅ Have minor children or heirs with special needs
✅ Own property in multiple states
✅ Want to control how assets are distributed after your passing
✅ Want to plan for potential incapacity
Bottom Line: Why a Revocable Trust Matters
A revocable trust provides control, flexibility, and protection over your assets while ensuring efficient estate distribution. It helps you avoid probate, maintain privacy, and protect your legacy, making it an essential tool for comprehensive estate planning.
Last will and testaments play a crucial role in your estate planning.
Here are some key benefits:
The Importance of a Will
A will is a legally binding document that outlines how your assets and affairs should be handled after your death. It is a crucial part of estate planning, ensuring that your wishes are carried out, your loved ones are protected, and legal complications are minimized. Without a will, state laws determine how your estate is distributed, which may not align with your intentions.
Key Reasons Why a Will Is Important
1. Ensures Your Assets Are Distributed According to Your Wishes
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A will allows you to specify who inherits what, ensuring that your assets, property, and finances go to the right people.
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Without a will, the state’s intestacy laws determine distribution, which may not reflect your wishes.
2. Protects Your Loved Ones and Dependents
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A will ensures that your spouse, children, and other dependents receive the assets and care they need.
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It helps prevent disputes among family members over property and inheritance.
3. Appoints a Guardian for Minor Children
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If you have minor children, a will allows you to designate a legal guardian to care for them.
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Without a will, the court decides who will raise your children, which may not align with your preferences.
4. Prevents Family Disputes
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A clear, legally valid will helps reduce conflicts among family members over inheritance.
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It provides clarity and minimizes the chances of legal battles over your estate.
5. Helps Avoid Delays and Unnecessary Costs
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Without a will, your estate goes through probate, which can be a lengthy and costly process.
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A well-structured will can streamline the legal process, ensuring assets are distributed more efficiently.
6. Allows You to Name an Executor
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A will lets you appoint an executor—the person responsible for managing your estate, paying debts, and distributing assets according to your wishes.
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Without a designated executor, the court will appoint someone, which may not align with your preferences.
7. Enables Charitable Giving
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If you want to leave part of your estate to charity, a will allows you to specify donations to causes you care about.
8. Reduces Stress for Your Family
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Losing a loved one is difficult, and a well-prepared will makes the process easier for your family by providing clear instructions and reducing legal complexities.
9. Can Be Updated as Life Changes
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You can modify your will to reflect major life changes, such as marriage, divorce, the birth of children, or acquiring new assets.
What Happens If You Die Without a Will? (Dying Intestate)
If you pass away without a will:
❌ State laws determine who inherits your assets, often following a strict family hierarchy.
❌ Your children’s guardianship will be decided by the court, rather than based on your preferences.
❌ The probate process may be longer and more expensive for your heirs.
❌ Family disputes and legal battles may arise over asset distribution.
Should You Have Both a Will and a Trust?
Yes, in many cases, it’s beneficial to have both a will and a trust as part of a comprehensive estate plan. While a will and a trust serve different purposes, they work together to ensure your assets are distributed according to your wishes while minimizing legal complications.
WHAT CAN YOU TRANSFER TO YOUR REVOCABLE LIVING TRUST
You can A Revocable Living Trust is a powerful estate planning tool that allows you to avoid probate, manage assets during your lifetime, and ensure a smooth transfer of wealth after your death. However, to maximize its benefits, you must transfer (or retitle) assets into the trust. Below is a list of assets that can and should be transferred into a Revocable Living Trust.
1. Real Estate (Primary Residence, Vacation Homes, Rental Properties)
✅ Can be transferred – Your house, vacation home, or investment properties should be titled in the trust’s name.
✅ Prevents probate delays – Ensures real estate passes directly to beneficiaries without court involvement.
✅ Provides incapacity protection – If you become incapacitated, your successor trustee can manage the property without court approval.
🔹 Example: Instead of "John Doe," your house deed would list "John Doe, Trustee of the Doe Living Trust."
🚨 Exceptions:
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If you have a mortgage, some lenders may require approval before transferring property
2. Bank Accounts (Checking, Savings, Money Market Accounts)
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✅ Can be transferred – Helps your successor trustee access funds immediately if you pass away or become incapacitated.
✅ Avoids probate – Ensures your family can use funds without waiting for court approval. -
🔹 How to transfer: Visit your bank and request a change of ownership to the trust.
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🚨 Exceptions:
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Joint accounts with rights of survivorship do not need to be transferred.
3. Investment & Brokerage Accounts
✅ Can be transferred – Stocks, bonds, and mutual funds should be retitled in the name of the trust.
✅ Ensures smooth transitions – Allows the successor trustee to manage investments without legal delays.
🔹 How to transfer: Contact your brokerage firm to change the account title to the trust.
🚨 Exceptions:
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401(k)s, IRAs, and other retirement accounts CANNOT be transferred directly—see below.
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4. Business Interests (LLCs, Corporations, Partnerships)
✅ Can be transferred – Helps ensure business continuity and avoids probate.
✅ Retitling varies by entity type:
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LLC or Corporation: Amend your Operating Agreement or Stock Certificates to reflect trust ownership.
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Partnership: Review the Partnership Agreement—some may prohibit trust transfers.
🔹 Example: If you own 50% of an LLC, your trust can be named as the owner of your shares, ensuring business continuity after your death.
🚨 Exception: Some partnership agreements require approval before transferring ownership to a trust.
5. Personal Property (Jewelry, Art, Collectibles, Vehicles)
✅ Can be transferred – You can assign personal belongings to your trust to avoid probate.
✅ Use a Personal Property Assignment Form – A simple document stating which personal assets are in the trust.
🔹 Example: A person assigns their art collection and antique jewelry to their trust to ensure proper distribution.
🚨 Exception:
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Vehicles: Some states allow transfers, but others recommend a Transfer-on-Death (TOD) designation instead.
6. Life Insurance Policies (Trust as Beneficiary, Not Owner
✅ Can be transferred – Name the trust as the primary or contingent beneficiary to control payout distribution.
✅ Prevents lump-sum payouts – Trusts allow structured payments instead of an immediate lump sum.
🔹 Example: Instead of a child receiving $1 million at age 18, the trust can distribute payments over time.
🚨 Exception: If you transfer ownership to an irrevocable trust, you may lose control over policy changes.
7. Retirement Accounts (IRA, 401(k), 403(b), Pensions) – DO NOT Transfer Ownership!
❌ CANNOT be transferred – Retirement accounts must remain in your name for tax purposes.
✅ Instead, name the trust as a Beneficiary – This allows the trust to control distributions after your death.
🔹 Example: An IRA names the trust as a contingent beneficiary, ensuring structured withdrawals for heirs.
🚨 Exception: Improper trust structuring could cause immediate taxation of retirement funds—consult an estate attorney.
8. Annuities
✅ Can name the trust as a beneficiary – Ensures controlled distributions.
❌ Do not change ownership – Doing so may trigger taxes or penalties.
🔹 Example: A trust as an annuity beneficiary ensures structured payouts instead of a lump sum.
9. Vehicles & Boats
✅ Can be transferred in some states – Helps avoid probate if the state allows it.
✅ Some states offer Transfer-on-Death (TOD) registration – Allows automatic transfer without trust involvement.
🔹 Example: In California, a person can name the trust as the owner of their car, ensuring a smooth transition.
🚨 Exception: If your car is still financed, the lender may require approval.
10. Digital Assets (Crypto, Websites, Domain Names, Online Accounts)
✅ Can be transferred – Helps heirs manage digital assets properly.
✅ Use a Digital Asset Trust Addendum – Specifies access to accounts like Bitcoin wallets, domain names, and social media.
🔹 Example: A trust holds a Bitcoin wallet with $500,000 in crypto, allowing a successor trustee to manage it.
🚨 Exception: Some online platforms prohibit direct transfers—instead, leave login instructions separately.
Final Thoughts: What Should You Transfer to Your Trust?
✔ Transfer real estate, bank accounts, brokerage accounts, and business interests.
✔ Use a Pour-Over Will to catch forgotten assets.
✔ Name the trust as a beneficiary for life insurance and retirement accounts.
❌ Do NOT transfer retirement accounts or annuities (instead, update beneficiaries).
BENEFITS OF IRREVOCABLE TRUSTS, INSURANCE TRUST AND SPECIAL NEEDS TRUSTS
1
Irrevocable Trust
Irrevocable Trust is a trust that cannot be modified or revoked after it is established (except under specific legal circumstances). The grantor gives up ownership of the assets, which provides estate tax reduction and asset protection.
🔹 Key Benefits:
✅ Asset Protection – Protects assets from lawsuits, creditors, and divorces.
✅ Estate Tax Reduction – Removes assets from the grantor’s taxable estate, reducing potential estate taxes.
✅ Government Benefits Eligibility – Helps qualify for Medicaid and other needs-based benefits.
✅ Ensures Multi-Generational Wealth – Assets can remain protected for multiple generations.
🚨 Considerations:
❌ Grantor loses control over assets once transferred into the trust.
❌ Cannot be revoked or easily changed.
❌ Trust assets may still be subject to income tax depending on the structure.
🔹 Best For:
✔ High-net-worth individuals looking for estate tax planning.
✔ People wanting long-term asset protection.
✔ Individuals planning for Medicaid eligibility.
2
Life Insurance Trust
An Irrevocable Life Insurance Trust (ILIT) is designed to own a life insurance policy and manage the proceeds after the policyholder's death. This ensures that life insurance payouts are not included in the taxable estate and are protected from creditors.
🔹 Key Benefits:
✅ Removes Life Insurance from the Taxable Estate – Ensures that large life insurance payouts are not subject to estate tax.
✅ Protects Beneficiaries from Creditors & Lawsuits – Funds in the trust cannot be seized.
✅ Controlled Distributions – The trustee manages life insurance proceeds based on specific conditions.
✅ Provides Immediate Liquidity – Can be used to pay estate taxes, debts, and final expenses without delay.
🚨 Considerations:
❌ Once created, it cannot be revoked or changed.
❌ The grantor must give up ownership of the policy (cannot borrow against it).
❌ Life insurance must be transferred at least three years before death to avoid estate tax inclusion.
🔹 Best For:
✔ Individuals with large life insurance policies ($1M+ value) looking to reduce estate taxes.
✔ High-net-worth individuals who want to protect insurance proceeds for heirs.
✔ Families who need liquidity for estate settlement costs.
3
Special Needs Trust
Special Needs Trust (SNT) is designed for beneficiaries with disabilities to provide financial support while preserving eligibility for government benefits like Medicaid and Supplemental Security Income (SSI).
🔹 Key Benefits:
✅ Protects Government Benefits Eligibility – Assets in the trust do not count toward the beneficiary’s Medicaid or SSI asset limits.
✅ Financial Security for Disabled Individuals – Ensures lifelong support without disqualifying public assistance.
✅ Customizable Distributions – Funds can be used for medical care, education, housing, and recreation.
✅ Avoids Mismanagement of Assets – Trustee manages funds responsibly for the beneficiary.
🚨 Considerations:
❌ Trust funds cannot be used for food, housing, or direct cash distributions without affecting government benefits.
❌ Requires a trustee who understands special needs planning.
❌ Must comply with Medicaid rules to avoid repayment obligations.
🔹 Best For:
✔ Families with disabled children or dependents who rely on government assistance.
✔ Anyone who wants to leave assets to a disabled beneficiary without jeopardizing their benefits.
✔ Individuals wanting structured long-term financial planning for a disabled loved one.
FREQUENTLY ASKED QUESTIONS ABOUT WILLS AND TRUSTS
What are your waiting for, get started on your will and trust today!
Obtaining a trademark can provide several advantages that can help you gain a competitive edge over your rivals in the business world:
1. What Is the Difference Between a Will and a Trust?
✔ A Will is a legal document that outlines how your assets will be distributed after your death.
✔ A Trust is a legal entity that holds and manages assets during your lifetime and after your death.
2. Do I Need a Will If I Have a Trust?
✅ Yes! Even if you have a Living Trust, you should still have a Pour-Over Will to catch any assets not transferred into the trust before your death.
3. What Happens If I Die Without a Will or Trust?
If you die without a will or trust, state laws (intestate succession) will determine who inherits your assets.
❌ This can cause delays, court costs, and unwanted distribution of your assets.
❌ If you have minor children, the court will decide their guardian.
4. How Does a Trust Help Avoid Probate?
A Living Trust allows assets to pass directly to beneficiaries without going through probate.
✅ Faster distribution of assets.
✅ Saves money (avoids court fees).
✅ Maintains privacy (probate is public record).
5. What Assets Should Be Placed in a Trust?
✅ Real estate (homes, vacation properties, rental properties)
✅ Bank accounts (checking, savings, CDs)
✅ Investments (stocks, bonds, brokerage accounts)
✅ Business interests (LLCs, corporations, partnerships)
✅ Personal property (jewelry, artwork, collectibles)
🚨 Do NOT Transfer:
❌ Retirement accounts (IRA, 401(k), pensions) – Instead, name the trust as a beneficiary.
❌ Vehicles (unless state law allows transfer).
6. Can a Will or Trust Be Changed?
✔ A Will can be updated anytime before death by signing a codicil or creating a new will.
✔ A Revocable Living Trust can be changed anytime by the grantor.
❌ An Irrevocable Trust cannot be modified or revoked after it's created (except in limited circumstances).
7. Who Should Be the Executor of My Will or Trustee of My Trust?
✅ Someone responsible, trustworthy, and financially competent.
✅ Common choices: Spouse, adult children, close family members, trusted friends, or a professional trustee.
🚨 Avoid choosing:
❌ People with poor financial habits.
❌ Anyone who may cause family conflicts.
8. How Are Wills and Trusts Taxed?
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A Will does not provide tax benefits – assets are taxed as part of the estate.
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A Living Trust does not reduce estate taxes, but it helps avoid probate.
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An Irrevocable Trust can reduce estate taxes by removing assets from the taxable estate.
🚨 Important: Estate tax laws vary by state—consult an estate planning attorney.
9. What Is a Special Needs Trust?
A Special Needs Trust (SNT) allows you to leave money to a disabled beneficiary without affecting their Medicaid, SSI, or government benefits.
✅ Manages funds for a disabled loved one.
✅ Ensures financial security while keeping government aid.
✅ Can be used for medical care, housing, and education.
10. What Is a Pour-Over Will?
A Pour-Over Will is a will designed to transfer any remaining assets into a Living Trust after your death.
✅ Acts as a safety net for assets not titled in the trust.
✅ Still subject to probate, but ensures assets are distributed as intended
11. How Often Should I Update My Will or Trust?
Update your estate plan every 3-5 years or when major life events occur:
✔ Marriage or divorce
✔ Birth or adoption of a child
✔ Death of a beneficiary or executor
✔ Buying or selling real estate
✔ Change in financial status
12. Can a Will Be Contested?
✅ Yes, but only under certain conditions, such as:
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Undue influence or coercion
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Lack of mental capacity
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Improper execution (e.g., missing signatures or witnesses)
❌ Trusts are harder to contest because they take effect while the grantor is alive.13. Do Wills and Trusts Cover Funeral Plans?
✔ A Will can include burial instructions, but funeral plans should also be shared with family to ensure timely arrangements.
✔ A Trust can hold money for funeral expenses, ensuring funds are available.
🚨 Tip: Keep a separate letter of instruction for funeral preferences outside of your will.
14. Do I Need an Attorney to Create a Will or Trust?
✅ Highly recommended for complex estates, blended families, or tax planning.
✅ DIY wills and trusts may not comply with state laws, leading to court challenges.
✅ An estate attorney ensures documents are legally valid and meet your goals.
🚨 Warning: A poorly written will or trust can cause legal disputes and delays—investing in an attorney can save money and stress later.
15. Should You Have a Will, a Trust, or Both?
✔ Everyone should have a Will to designate heirs and guardians for children.
✔ A Trust is best for those wanting to avoid probate, manage assets during life, or provide asset protection.
✔ Having both a Will and a Trust is the best way to ensure all assets are properly distributed.
Ready for our services?
Simply call Attorney Nick Spradlin 1-877-845-0621