Letter Re: Revocable Trusts
Hugh, I am an attorney. I believe in trusts and have prepared many. A trust will not prevent estate taxes, but it can help keep them low. However, remember that you have to be rich to worry about taxes anyway. A well-drafted Will can do the same tax planning that a trust can do. The benefits of a trust are: Privacy. (You might need to give it to the title insurance company or the investment company, but it won’t be available to anyone who is just being nosy, as a Will filed at the Courthouse would be.) No probate. (There’s …