Current Issues in Revocable Living Trusts

• Overview
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Overview
Revocable living trusts are a foundation of many estate plans. The use of a revocable living trust generally provides for a confidential distribution of family wealth without required court interference and also allows for assets to avoid probate in most jurisdictions. Using a revocable living trust allows for planning in the event of incapacity without having to formally declare a person incompetent and without requiring the opening of a guardianship proceeding. A revocable living trust can provide a simplistic method of utilizing estate tax exemptions in the most efficient manner possible.

Authors
Philip J. Tortorich, Katten Muchin Rosenman LLP

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Agenda

1. What Is a Revocable Living Trust?
2. Why Use a Revocable Living Trust?
1. Confidentiality
2. Avoidance of Probate Proceedings
3. Why Fund a Revocable Trust During Lifetime?
1. Incapacity
2. Special Assets - Using Nominee Trust
4. How Do You Fund a Revocable Trust With Real Estate?
1. Issues Involving Mortgages
2. Title Commitment
3. Deeds
5. What Are the Tax Implications of Funding a Revocable Trust During Lifetime?
6. How Do You Plan for Optimal Use of Estate Tax Exemptions With Revocable Trusts?
1. Credit Shelter Trust/Marital Trust (A/B Planning)
2. Joint Revocable Trusts for Exemption Efficiency