Search

C&G’s Tip of the Week: Myth Busters Edition!

Many people regard the basic “Revocable Living Trust” as the holy grail of estate planning: it seemingly appears from the heavens and eliminates all potential estate issues. Let’s bust this myth!

There are a number of things that most do not realize about this type of trust. ONE of the principal considerations is that the property in this trust is not shielded from creditors. Just as you must post a notice to creditors during the probate process, you must also post one prior to administering trust assets in a Revocable Living Trust. Your assets are not automatically protected from creditors as they would be with an Irrevocable Trust- or some other advanced, comprehensive planning tool.

So, is a Revocable Living Trust really the best thing for you? Well, it depends. It can be an invaluable tool in a lot of cases for various reasons. Estate planning is not one size fits all. Each plan must be tailored specifically to each individual and their needs. Do not get caught up in the hype! Talk to a professional to make sure you do what’s right for you! Contact us today!

P: 248-395-3699 E: attyinfo@cg-legal-solutions.com

**Please be sure to read the disclaimer section on our site!

0 comments

Recent Posts

See All

To revoke or to not revoke? That is the question…

A trust is an estate planning tool that a person sets up during their lifetime, which allows them a way to distribute their assets upon their death, while maintaining privacy for themselves and their

You Think You Know… But You Have No Idea

We cannot stress enough the importance of planning to avoid probate court. Probate is a court-supervised process of gathering a deceased person’s assets and distributing them to creditors and inherito

When Time Has Run Out…

We are often contacted by individuals attempting to get power of attorney over a parent, sibling, child or other relative AFTER they have fallen ill- whether it’s on account of Alzheimer’s, a debilita