| QUESTION |
ANSWER |
| Is it true that I should never make a will? |
No. Individuals with less than $60,000.00
do not really need a living trust and a will is sufficient. |
| If I set up a living trust, do I also need a will? |
Yes. You will need a Pour Over Will. |
| When does my living trust become effective? |
Effective when you sign it but if you do not transfer
property into the trust, the trust is just a empty shell. |
| What is the unlimited marital deduction? |
Any money you transfer to your U.S. Citizen spouse is
tax free. |
| What should I do if my spouse and I are only Permanent
Residents? |
You need a Qualified Domestic Trust. |
| Will transferring real property into a living trust change
my property tax? |
No. |
| Can I create an A-B or A-B-C trust after my spouse dies? |
No. It will be too late and you will not be able to save
on probate fees. |
| Will I still be considered the owner of my property after
I transfer my property into the living trust? |
No. Not directly. The trust is owner but you can control
the property because you are the trustee. |
| How much of my property should be put into the living
trust? |
All assets should be transferred into living trust. Otherwise
a probate will be necessary to transfer the assets after your death. |
| How does the living trust help to maintain privacy? |
Probate will not be necessary so your assets will not
need to be disclosed. |
| Can the living trust allow me to control my assets after
my death. |
Yes. Because you can indicate how and when your assets
are distributed. |
