Martin Folino - Your Living Trusts Attorneys - Dayton Ohio

Understanding the need for a living trust starts with knowing what questions to ask. These are some of the common concerns about living trusts. Every case is different so please feel free to call our office and discuss your specific concerns about setting up a living trust or even deciding if you need one. We handle many cases from drafting of wills, probate matters, and helping those that need to do so set up a living trust.

 

What You Should Know About Living Trusts

Estate Taxes and the Living Trust

in Living Trusts Estate Taxes

A common question is: "Will I save estate taxes with a living trust as compared with a will?" The short answer is: not necessarily. Here's why:

It is a common misconception that avoiding probate is the same as avoiding estate taxation.  While use of a “living trust” will avoid probate proceedings, avoiding probate does not necessarily mean avoiding estate taxes.  The assets in a “living trust” are part of a person’s gross estate for the estate tax purposes just the same as probate assets.  However, both the will and “living trust,” when properly written and with advice on the proper ownership of assets during lifetime, may include estate tax avoidance techniques which may save substantial tax dollars for the benefit of the family.
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