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Setting up a Living Trust

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DEDEE ROYALE

Guest
I am a 60 yr. old married woman living in Mass. I own a mortgage free home valued at over $250K and have two married children living in Florida. I would like to set up a "trust" that will give me freedom to sell and give my heirs (1)a shield against inheritance taxes in the event of my death, and (2)a shield against any judgments or lawsuits. What kind of trust do you suggest? Do I also need a will? Thanks DD
 


ALawyer

Senior Member
I suggest that you read the Sections and Q&As on etstae planning, wills, and trusts on FreeAdvice.

Control and Asset Protecion are often incompatible.

If you have a total estate (assets plus life insurance and 401k etc.) of less that $675,000 Federal estate tax is not an issue.

A Will is a necessity, even with a trust of any type to cover any proerty left out - like that lottery ticket you pick up just before soemthing happens.
 

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