Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080

       

 

 

Paul Sullivan, CPA

Sullivan & Company

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 6779

Here's an Example:

 


 

Other Articles

Click here to review


Feature Articles

- Are You Enjoying a Hobby

- or Running a Business? Why It Matters

- 2011 Changes to Flexible Spending Arrangements

- Saving for College

- 529 Plans

- Living Trusts 101

Tax Tips

- Do You Qualify for the Earned Income Tax Credit?

- College Tax Credit - It's Not Too Late!

- Advantages of Keeping Good Records

- How to Get Copies of Your Tax Information

QuickBooks Tips

- Don't Get Frustrated - Get Help! Overview of QuickBooks' Educational Tools

Financial Planning Tips

- Asset Allocation Adjustments

- Health Spending Checkup

- Review Budget vs. Actuals

- Estimate Your 2010 Tax Liability

 

 

 

Do I Need A Living Trust? - Living Trusts 101

 

A trust, like a corporation, is an entity that exists only on paper but is legally capable of owning property.

 

A flesh and blood person, however, must actually be in charge of the property; that person is called the trustee.

 

You can be the trustee of your own living trust, keeping full control over all property legally owned by the trust. There are many kinds of trusts.

 

A living trust (also called an inter vivos trust) is simply a trust you create while you're alive, rather than one that is created at your death under the terms of your will.

 

All living trusts are designed to avoid probate. Some also help you save on death taxes, and others let you set up long-term property management.

 

Note: Property held in trust is actually "owned" by the trustees of the trust, subject to the rights of the beneficiaries. The trust itself doesn't actually own anything.

 

Do I need a living trust?  Property you transfer into a living trust before your death doesn't go through probate. The successor trustee, the person you appointed to handle the trust after your death, simply transfers ownership to the beneficiaries you named in the trust.

 

The rest of the article answers these other 4 questions:

  1. Is it expensive to create a living trust?

  2. Is a trust document ever made public, like a will?

  3. Does a trust protect property from creditors?

  4. Can a living trust save taxes?

For more Living Trust information click on the rest of the article.  Or if you want to talk or ask me questions, call me, Paul Sullivan, at 240-316-3531.

 


 

As always you can call our offices if you have any questions about these or any other accounting related issues, at 301-657-8080. 

 

Regards, Paul Sullivan, CPA

 

 

 

 

Sullivan & Company, CPAs | 4709 Montgomery Lane | Bethesda, Md. 20814 www.eSullivan.net | email: pSullivan@eSullivan.net

Direct: 240-316-3531 | Main no.: 301-657-8080 Ext 102 | Fax: 301-657-9055