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Archives from February 2022

Living Trusts:  Myths and Realities

Michael J. Lanza's avatar

Categories: Of Legal Interest Permalink

Living Trusts can be an effective estate planning tool, but not just to avoid probate.

As part of my practice I advise clients about estate planning.  Often times one of the first questions asked at the initial meeting with a client is if assets are placed in a Living Trust, can this avoid the costs, time and expense associated with probate.  While a Living Trust can be used as an estate planning tool in certain circumstances, it should not be used if the sole purpose of the Living Trust is to avoid probate.  The following article written by Connecticut Judge of Probate, Domenick N. Calabrese, does a good job discussing many of the myths associated with the benefits of a Living Trust.   

Trusts were once an estate planning tool used exclusively by the wealthy. Beginning in the 1960s, more and more middle-class Americans began using trusts in estate planning. Trusts are a means of ownership. In estate planning, trusts can be used for a variety of purposes, such as providing asset management for those who may lack the ability to properly manage assets themselves (usually children or young adults), avoiding probate administration,… read more