Cynthia Brittain recently spoke to GoBankingRates for the article, “I’m an Estate Planner: 4 Things You Should Never Put in a Living Trust,” where she offered insights on the process of creating a living trust and the benefits this type of trust can provide.
“A trust document can be drafted to incorporate U.S. income and estate tax provisions that are highly beneficial” Cindy tells GoBankingRates. “The trust can be drafted such that the trust will shield assets from U.S. estate tax going forward.” She notes that because of the tax and asset protection benefits of a living trust, “It’s important to seek counsel who understands concepts such as the U.S. generation-skipping tax and other more sophisticated tools used to minimize estate tax.”
Cindy also explains that living trusts are not one-size-fits-all, and may not be right for everyone. “If you have a very small estate, or if your assets are very simple and can pass by pay-on-death accounts, such as a bank account with a beneficiary designation, you may not need a living trust.”
I’m an Estate Planner: 4 Things You Should Never Put in a Living Trust
