Can You Buy A Car Outright From Accept Car Finance The Infinite Benefits of a Revocable Trust

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The Infinite Benefits of a Revocable Trust

A revocable trust offers the grantor a number of incredible benefits and opportunities. In 2011, the estate tax will increase to 55 percent on the entire first million dollars. A million dollars may seem like a lot of money, but it’s very small when you consider that it includes life insurance proceeds, the value of your home, stocks, bank accounts, retirement accounts, jewelry, paintings, and anything else that you have it may have been titled in your name at the time you died. This tax bankrupted families.

By using a revocable trust as the centerpiece of a foundational estate plan, we can double the federal estate tax coupon amount from $1 million to $2 million, saving your beneficiaries $550,000.

Beyond estate tax protection, distributing assets through a revocable trust will completely avoid probate. Probate is the process of collecting all assets that are titled in the sole name of the deceased. These assets can include homes, cars, bank accounts, and even life insurance policies or retirement funds. Many people believe that having a will prevents probate, but it will be necessary whether or not the deceased has a will.

The succession of an inheritance will usually cost between four and seven percent of the value of the entire property and can tie up your assets between six and eighteen months, without contests or contestations. Plus, the probate process goes public and airs your family’s dirty laundry for your entire community to see.

A third benefit of using a revocable trust is the ability to control your assets long after you are gone. In Florida, a person can retain control of their assets for up to 360 years after death. Typically, we draw up trusts to control assets until the grandchildren reach a certain age or achieve a certain goal. The limitation of access is not always decided by the age of the beneficiaries. Sometimes you need to protect a child from their own bad financial tendencies. Sometimes you need to make accommodations for a child who receives financial assistance from the government by setting up a special needs trust. For all considerations and concerns, a revocable trust will allow you to distribute your assets in a way that best suits your life and the people you love.

Another benefit of using a revocable trust is the automatic asset protection it can provide to your beneficiaries. When your assets are distributed through a will, the beneficiaries accept the assets without protection. A bad divorce, car accident, lawsuit, or even existing creditors can take those assets from your beneficiaries. However, when you distribute your assets through a revocable trust, your beneficiaries will receive the assets in trust. They will have as much access to the assets as you wish to give them, but those assets will be protected from creditors, litigation, divorce or any other financial threats your beneficiaries may face.

There are endless reasons to make a revocable trust the centerpiece of your comprehensive estate plan. If you have more than $75,000 in assets, a revocable trust is a virtual necessity. To learn more about revocable trusts, contact your South Florida estate planning and asset protection attorneys. Trusts are very complex documents and should never be attempted without the guidance of a legal professional who specializes in such matters.

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