A Revocable Living Trust is an instrument that, with proper funding, will allow your assets to pass to your beneficiaries without the need for probate. This happens because after you create your and fund your trust, the trustee of the trust is the owner of those assets, rather than you individually. The attorneys at Kruse Law will advise you on which assets are to be titled in the name of the trust and how to properly retitle those assets so that the trust is the owner of the assets rather than you individually. In addition to probate avoidance, some common reasons for creating a trust involve.
- financially caring for your spouse/partner during his or her lifetime and then leaving your remaining assets to your children. This is often desirable in cases where you and/or your spouse/ partner have children from previous relationships
- leaving assets to a beneficiary to be held in trust and paid out by a trustee over the lifetime or specified time period, to or for the benefit of that beneficiary in the event that the beneficiary has a large amount of debt, is not financially responsible, is receiving state benefits that could be lost if the beneficiary received a lump sum of cash, is a minor, or otherwise suffers from a disability that may necessitate the use of a certain type of trust.
- Federal estate tax planning