WILLS & TRUSTS

Types of Wills: (Simple Will) , (Living Will) , (Testamentary Will) , (Pour-Over Will)

Trusts: (Living Trusts) , (Irrevocable Living Trusts) , (Revocable Living Trusts)

My personal choice after reviewing and research is the (Revocable Living Trust) as there are many advantages in making this choice:

A) With the (Revocable Living Trust) while you are alive, you can make changes to the Trust during the lifetime of the Trustor-Grantor. Once the last Trustor-Grantor dies the Trust becomes an (Irrevocable Living Trust) and can no-longe be modified or changed.

B) This (Revocable Living Trust) can itemize your assets, both Personal and Real Property “provided it was properly funded” to your (Revocable Living Trust).

C) After the (Revocable Living Trust) Grantor-trustor dies there are some benefits within the now (Irrevocable Living Trust) for the Beneficiaries of the Trust.

After the Last Grantor “Trustor” dies the inheritance goes to the Beneficiaries in a “Taxable advantage as mandated by law”.

There is a “Step Up Basis” that allows both “Personal and Real Property” to be evaluated at it (appraised value) at the passing of the “Grantor-Trustor”. “There would be no capital gains on that day”

If the “Grantor-Trustor” was to Give the “Personal and Real Property” (prior) to Death to a beneficiary then the value would use the (Original Cost) to determine “Capital Gains” on what the beneficiary receives.

Another recommendation is to also have a (Pour-Over Will) to work in conjunction with your (Revocable Living Trust).

NOTE: These are my suggestions of what is best for myself personally (after a lot of research) but you may wish to consult with your personal legal counsel to see if it is beneficial to you and the State you live in.

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