Hinshaw Estate Planning Blog

Tuesday, September 20, 2016

Revocable Living Trusts

As the use of a revocable living trust for estate planning has increased in popularity over the past two decades, it has been seen primarily as a planning tool to be used only by families with taxable estates. While a revocable living trust can be designed to deal quite effectively with estate tax issues, its real superiority over other methods of estate planning focuses on planning for the myriad of non-tax family issues.  Many think of estate planning as being synonymous with tax planning, but estateplanning more fully encompasses issues far beyond the financial size of the estate.

As families and estate planners work through this era of tax uncertainty, the revocable living trust transcends the potential for estate tax repeal and provides a mechanism to meet the diverse and complicated issues of both tax and family planning.  For those who do not thoroughly understand trust planning, the assumption has been that trusts are only for large estates. While tax planning is an important facet of estate planning, planning for incapacity, avoiding probate, nominating guardians for children, and inheritance protection are just a few of the other reasons a revocable living trust is so important for everyone.

Hinshaw Estate Planning is a practice group of Hinshaw, Marsh, Still & Hinshaw and assists clients in matters related to Estate Planning, Asset Protection, Planning for Children, Inheritance Protection, and Estate & Trust Litigation in the areas of Saratoga, San Jose, Los Gatos, Monte Sereno, Campbell, Santa Clara, Sunnyvale, Cupertino, Los Altos, Los Altos Hills, Mountain View, and Palo Alto within Santa Clara County, the areas of Menlo Park, Woodside, Atherton, Portola Valley, San Carlos, and Redwood City within San Mateo County, and the Greater San Francisco Bay Area.

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