Red Rock Corporate Solutions - Estate Planning
Let Red Rock Corporate Solutions’ trust company and estate planning attorney services division show you how to structure your asset protection using the most innovative techniques involving revocable living trusts, supplemental need trusts, life insurance trusts, FLPs or family limited partnerships, trustee management and help you to avoid the cost of probate for your family.
Other Advantages of a Living Trust
There are many other advantages to using a Revocable Living Trust:
- If an illness or accident leaves you incapacitated, the trust has a power of attorney set up so your successor trustee can handle your financial affairs with-out the need of a court appointed guardian or conservator.
- If the beneficiaries of your trust are minor children, you have the piece of mind knowing the trust can continue to hold the assets until they reach a more mature age.
- If you own real property in more than your state you legally reside in you avoid the expense, time and hassle of multiple probate proceedings.
- By using the "A-B" provisions in your trust, a husband and wife may pass assets up to a specific value to heirs before paying federal estate tax.
- Trusts are extremely difficult to contest compared to a standard will. To invalidate or discredit a will you must either prove it was signed under duress or that the maker was incompetent on the day it was signed. To invalidate a living trust you would have to prove it was invalid not only on the day it was signed (at signing the trust is notarized) but each and every day it was in existence thereafter.
It is almost impossible to contest a Living Trust because of how it is structured. When a will is contested in probate court, the assets are held up in probate court and they cannot be released and distributed until the claim is resolved. Assets placed in a living trust are not frozen they can be distributed by the trustee pending the outcome of a legal challenge. Anyone wishing to contest the trust must file suit against each of the beneficiaries in probate court.
