Page 23 - Ultimate Guide to Estate Planning

doubled if married irrespective of a credit
shelter trust) at a rate of 40% of excess);

 Estate debts are paid, including
o attorney fees,
o personal representative fees, and
o expert costs; and
 All disagreements revolving around the
distribution of assets have been fully

resolved before the probate judge.

Revocable Living Trust.

A revocable living trust is a written document
which essentially constitutes a binding

contract as it relates to the property which
you transfer to the trust (this process is
referred to as “funding”). The contract is
created by you, the grantor, who appoints a
trustee and designates a beneficiary. It only

relates to the property which is placed into, or
titled in, the trust and does not relate to
property not titled in the name of the trust.
Again, we refer to the important process of
retitling assets as “funding” the trust. Think
of the trust as a bucket. Assets in your name

(i.e. vehicles, homes, checking accounts, etc.)
are retitled/renamed as assets of the
revocable living trust. By retitling the asset,
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