A Living Trust? You Don't Need to Be Rich

Did You Know?

When you own real estate in another state, if that property is transferred into your living trust, it can eliminate the need to have a separate probate proceeding in the other state.

Keep in mind that the level of income you receive from the trust is not guaranteed. The trust?s assets can be invested in highly rated securities, of course, but the yield is dependent upon economic and market conditions. From your standpoint, these drawbacks may be more than offset by your right to retain control of the trust terms and investments.

Also keep in mind that a living trust generally is not a stand-alone estate planning document. Because it is difficult to transfer every asset into a trust, it is advisable to have a will to capture any assets not transferred into your revocable trust before your death.

That being said, many people still find a living trust to be an advantageous estate planning option.

If you believe a living trust may benefit your estate plan, please contact an estate planning attorney.

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.