Not everyone does. Some people have simple estates that may go through probate smoothly. Others just don’t care. Often, though, probate has numerous potential disadvantages that a lot of people prefer to avoid. These disadvantages include cost, delay, publicity, control and hassle.
The living trust may include provisions which serve to reduce or eliminate federal estate taxes for married couples. This is done by ensuring that both available marital tax credits are utilized. This means that, married couples may pass up to $10.9 million (2016) free of the federal estate tax.
Generally, a living trust is more expensive than a will. However, because a living trust avoids probate, there are few costs associated with settling the trust. This allows for the costs to be known up front. While a will may be less expensive initially, the estate will incur probate costs, such as attorney fees and other expenses, which should also be considered.
The Legacy Assurance Plan is a multifaceted services program designed to provide its members with all the resources they require to meet their estate and financial planning needs, with access to an experienced estate planning lawyer. With the plan, members have the confidence of knowing that they have one place, and one team of trusted professionals – who are well-acquainted with them, their needs and their goals – at the ready to help as they create and execute their various legal, financial and tax strategies.
Our promise is to provide our members and their families with the most efficient; cost-effective means possible for both asset preservation and distribution. A well-designed, properly-executed estate plan will minimize all-too-avoidable expenses, taxes and delays, and that means more for the people who matter most to you. The plan does this by bringing your legal, financial and other professionals together, working as one cohesive unit to make sure, not only that you have estate and financial plans that work well, but that you have estate and financial plans that work well together.