Revocable Trusts: Protecting Your Assets for Generations to Come

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Revocable Living Trust

No matter your income or the value of your assets, you need to have a plan to protect your family. Let GCS help you set up a Revocable Living Trust to keep your assets in the family and avoid expensive court proceedings.

Designed to help you carefully plan and protect your estate, a Revocable Living Trust is a flexible estate planning tool created while you’re living to ensure that you meet your financial and family goals after you pass away. Treated as a separate legal ‘person’ in the eyes of the law, it solves the problem of estates having their assets tied up in probate.

Another benefit of having a Revocable Living Trust is that the types of property you can hold are endless. The assets in the trust may also include your personal residence, personal bank accounts, jewelry, intellectual property, life insurance, and works of art, among others.

Regardless of your net worth, it’s important to have a basic estate plan in place—especially if your goal is to protect your assets from estate taxes and avoid probate, which requires more than a will. Our in-house legal team at GCS is ready to help you set up a Revocable Living Trust and answer any questions or concerns.

  1. Probate avoidance – One of the most significant advantages is that assets held in a living trust generally avoid the probate process. Probate can be time-consuming, expensive, and public, whereas assets held in a trust can often be distributed more quickly and privately.
  2. Privacy – Trusts offer a level of privacy that a will cannot. Since a will becomes a public record when it goes through probate, a living trust allows for the transfer of assets outside of the public eye.
  3. Incapacity Planning – A living trust can provide a mechanism for managing your assets if you become incapacitated. You can designate a successor trustee to manage the trust assets on your behalf, avoiding the need for a court-appointed guardian or conservator.
  4. Asset Management – A trust allows for ongoing management of assets for the benefit of beneficiaries, which can be particularly useful for individuals with complex family situations or substantial assets.
  5. Tax Planning – While the estate tax exemption is high, trusts can still be valuable for tax planning purposes, especially for married couples who can take advantage of certain trust structures to maximize estate tax savings.
  6. Flexibility – rusts offer more flexibility than wills. They can be amended or revoked during your lifetime, allowing you to adapt to changes in circumstances or wishes without the need for formal legal procedures.
  7. Smooth Succession – Trusts provide a seamless transition of asset management and distribution after your passing, which can help reduce family conflicts and ensure your wishes are carried out efficiently.

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