Trust in Trusts

Some say that trusts are not really needed any more because there is a larger exclusion from the estate tax now. The Senior Market Adviser discusses why trusts are still valuable estate planning vehicles.

First, trusts have several advantages over wills beyond just avoiding the estate tax. You can avoid probate court by setting up a trust. By avoiding probate court, you avoid hassle, expense, and you keep the trust matters private. Two main reasons that a trust might be better than a will is for inheritance protection or for spending control.

Furthermore, it is yet to be seen how estate tax and portability provisions will change at the start of 2013, so it is wise to keep trusts in mind as a very viable option for estate planning.

See David M. Schlossberg, The Estate Plan: Trusts, Senior Market Adviser, Apr. 1, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.