Questioning The Benefits Of The Revocable Living Trust

[@AttorneyFredLong]

Hi Paul - I'm the Pennsylvania Guy that keeps giving you pushback on the benefits of RLTs, for PA residents. I just got a call yesterday: "My son tells me RLTs save in taxes; what about that?" You have a creative argument that there is a POSSIBILITY that income could get trapped in an estate. My response - again in PA - is that Trust administration follows many of the same rules as probate, and a Trustee - like an Executor - is well-advised not to "settle" a trust until all liabilities are paid, which almost always includes PA Inheritance tax, which is due 9 months from the date of death (and which the State must approve), and for which there is no "exemption." (I say that very technically, because there are exceptions, deductions and exclusions for certain assets and transfers, but not in the way the Federal Tax has an Estate Tax Exemption). Further, a Trustee - like an Executor - is well-advised not to distribute until we're sure there are no creditor claims (SOL in PA is 1 year). Finally, I would argue that we often address the income tax problem quite easily (whether in trust or in the estate). We simply distribute out all income in the form of an advanced distribution. I'm sure many PA attorneys can relate to this. Clients hear of the benefits of a RLT, and we often need to tell them it probably isn't for them. I just never thought I'd have to argue about whether there are tax benefits! Of course, there are instances where they make sense. I create them fairly regularly; just not for everyone, and I would argue that any purported tax benefits are negligible, at best. But...thanks to you, I now know to look out for planning opportunities where an estate could generate significant income, and at least consider this as a possible use case. I will still confidently argue that, in virtually every case, there are no tax benefits of a RLT. I am so grateful for your influence on my practice and for all of the value you offer to our community of trusts and estate lawyers. Just gotta give a little pushback on this one! Thanks Paul!

[@LegaleseWarrior-w4i]

Here is some more push back power, National Institute of Certified Estate Planners bravely caveated the Estate Plan Trust failed in time for the 33-year reformed Notary Index Crime Enforcement Regulatory Latin Law Permission Ledger Arbiter Interdiction Trust Inheritance Administration.

[@wayneguy6043]

I say irrevocable as I am trustee and beneficiary and no other relatives. I pass along the gains and dividends to my own return as I remove them yearly.

[@jensheahan7522]

my question to you is, if a will or trust document is deemed invalid and the estate lawyer drafted those documents, is the lawyer held accountable???

[@KrisFrazier-q2m]

I got contempt from the judge for not getting and estate attoeny

[@49leobear]

Does a Trustee need to hold back some funds to pay if an IRS audit is done and the settlor’s prior return is found to owe money? If so, how long should the trustee hold back some funds?

[@MarieThompson-q2u]

Can one of the living trustee handle the funds in the trust? Let’s say one of the spouses passes will the other manage the funds in the trust in an irrevocable trust…

[@WTalley-v6e]

How do I get the house back

[@scottygravning7841]

What to do if a trust is being hidden from you and the paperwork has been taken illegally by siblings. How do you find my parent's lost trust

[@LegaleseWarrior-w4i]

Our greedy trustee stole our inheritance so we're waiting for the NICER approved Forgery Proof Legalese Administration Lawyers to install the Latin Law Permission Ledger Arbiter Interdiction Trust Inheritance Administration to avoid the inheritance and legacy wealth transfer thieves.

[@tomowcaest.5999]

If a trust missed Re titling some assets..thereby putting the into a SMALL probate😅 Can the small probate be contested in court with the Trustee of the trust ? Ps, thanks for your impartial overview of the trust subject matters!❤

[@jensheahan7522]

not one sentence have i heard you mention how a paid lawyer is held accountable or responsible when issues like a will not being drafted worded correctly.

[@LegaleseWarrior-w4i]

They are too easy to forge without a NICER approved Legalese Lawyer so it's too hard to prove who is responsible.

[@KrisFrazier-q2m]

I'm in iowa cam you help me find attorney

[@wkseaman]

Obviously it's a good idea to do a revocable living trust when you are older and you have grown children, but what about if you are mid 40s and kids are under 10? Right now, we have a will that establishes a trust upon our death. Do you see a lot of people at that stage setting up a RLT?

[@LegaleseWarrior-w4i]

NICER approved Legalese Administration Lawyers will protect Grantors when they are vulnerable and grantees when we're not around, so around the time caregivers move in sounds good to me, unless you want to appoint guardians for minors, avoid conservatorships, and prepare medical directives when younger.

[@KrisFrazier-q2m]

Hello

[@WTalley-v6e]

Hi Paul I bought a house I put it inside of a LLC business my name was on the business and someone else named what's on the business my husband was a registered agent my husband took the business out of my name put his girlfriend name on the business dissolve the business and gave the house to his girlfriend the house was in a trust at the address that I was living at at the beginning now the trust is inside of the house address that I bought I bought the house with my mother beneficiary money

[@WTalley-v6e]

How do I get the house back