Page 28 - O'Shea Funeral Guide
P. 28
There are dozens of varieties of
5% of the first $100,000.00 trusts, each of which can be used
4% of the next $200,000.00 to accomplish different goals. For
3% of the next $700,000.00 most circumstances, however, your
2.5% of the next $4,000,000.00 attorneys will recommend one (or
2% of all monies in excess of several) of three variants of trusts -
$5,000,000.00 the basic revocable living trust, the
irrevocable “Medicaid” trust. Each
As you can see, even a modest estate trust serves its own specific purpose
will yield a substantial commission - generally, irrevocable trusts are
for the nominated executor. Your for asset protection and estate tax
executor will be in charge of collecting purposes, where revocable trusts are
your assets, discharging your debts, considered “will substitutes”.
and distributing your assets as per
the terms of your will. As such, the
job is very important, and should be Revocable Living Trusts
given to someone who is responsible, A revocable living trust (“RLT”) is a
trustworthy, and meticulous in their so-called “will substitute” - it is freely
record keeping. revocable during your lifetime, and
you (and your spouse, if a joint trust)
If you have been nominated as may act as trustee(s) of the trust.
the executor of a friend or family RLTs have many advantages - they
member’s estate, be mindful in your simplify estate administration, avoid
duties, and keep excellent records of the necessity of probate, and serve
all expenditures made on behalf of the special purposes for those who own
estate. By doing so, you will honor the property in multiple states. An RLT, like
legacy of your loved one, assist their any trust created during the grantor’s
heirs in their time of need, and protect lifetime, is its own legal person. By
yourself from potential liability. setting up an RLT, you will effectively
begin administering your own estate
Trusts during your lifetime. This means that
when you pass away, your successor
Page 28 - O’Shea Funeral Homes
