Do I Need A Living Trust?
Living Trusts 101
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.
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.
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.
rest of the article answers these other 4 questions:
expensive to create a living trust?
Is a trust
document ever made public, like a will?
Does a trust
protect property from creditors?
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.
is Your Retirement Planning Going?
by Kathy Grow, EA/IAR - Sullivan & Co.
You’ve seen the articles everywhere. The old opportunities for
preparing for retirement have seemingly vanished. If you were
age 50 in 1960, you could confidently assert:
- We are in our peak earning years.
- The kids are grown and out of the house.
- We’ve made more than our folks did and it shows.
- The equity in our house will provide a good nest egg.
- I have a company pension plan for my retirement.
- I will receive social security.
- Our cost of living will be lower once we retire.
None of these are true for most people age 50 in 2012. So,
what have you done to prepare?
If you’re an employee, you
should be contributing as much as possible to your 401(k). If
you’re an employer, you should be sure your firm has a 401(k)
and that it is new enough that it allows you to sock away the
max each year.
Is that it? Are you done? Can you sleep easy now? NO
There are other strategies and investments to consider so that
you are prepared. The most obvious is to consider adding a
Roth or Traditional IRA. I have other ideas that won’t fit
all, but may fit you.
Give me a call at (240) 316-3564 so we can discuss your own
situation and see if we can’t come up with at least one idea
that you can act on today.
you are the type of person that likes to learn & do research I
would also suggest you listen to an audio recording of
a recent conference call we did on this subject titled the
Top 13 Mistakes Made By Retirement Plan Investors.
There are more than 13 mistakes but these are the top ones
people tend to make that can EASILY be avoided with a little
time and planning.
Bill Isaacs, CPA our Tax Department Manager was on the call
with some other Sullivan & Company staff and we walked through
these mistakes in detail.
And as always if you have any questions about accounting or
investments and how they effect you or your business, please give me a call at
(240) 316-3564. We
can help guide you in the right direction.
Kathy Grow, EA/IAR
Remember you can call our offices if you have any
questions about these or any other accounting, tax,
financial planning or insurance related issues, at 301-657-8080.
Regards, Paul Sullivan, CPA
President, Sullivan & Company