For Your Benefit: Revocable Trusts - What Are They and Why Does Everyone Say I Need One?

September 21, 2015

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This week on For Your Benefit, our host, Bob Leins, welcomes Marc Levine, Esquire, with Handler & Levine, LLC to the studio to talk about revocable living trusts.  Once upon a time, the average Federal employee wouldn’t think he or she needed a “trust” at all, and certainly not while they were alive.  Trusts were for rich folks, SES, or maybe your kids if you died early.  Now there is someone, somewhere - on TV, the radio, giving seminars and writing books and articles - telling everyone they need to have a revocable living trust?  So, do you?

Join us as we spend an hour talking about revocable living trusts:

  • What is a revocable living trust and how is it different from an irrevocable trust or a trust at death (also known as a testamentary trust)?
  • What does the revocable living trust do?
  • What doesn’t the revocable living trust do?
  • I heard the hard part is “funding” the revocable living trust.  What does that even mean?
  • What goes in the revocable living trust?  What doesn’t?
  • Does doing a revocable living trust mean I don’t have to pay taxes when I die?
  • Does doing a revocable living trust mean I don’t have to pay my creditors when I die (or better yet, while I am alive!).
  • How do I know if using a revocable living trust makes sense for me?
  • What is a trust mill?
  • What is the difference between a “trust mill” and using boilerplate in a revocable living trust?
  • Does the revocable living trust travel well?
  • What are the most common mistakes in doing a revocable living trust?

Topics: Pay & Benefits, Sponsored Content, benefits, For Your Benefit, workforce, Bob Leins, NITP, legal planning, fyb

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For Your Benefit, Mondays, 10 a.m.

Host Bob Leins and presenters from the National Institute of Transition Planning, the federal leader in retirement planning seminars, take your calls and emails every Monday. Each week, the show focuses on a specific area of retirement planning from financial security, taxes, federal benefits and estate planning, to life after retirement. Email your questions or call the show at 202-465-3080. Listen live!