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Revocable Living Trusts

Determine how your trust will be operated

Revocable Living Trusts

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A trust is a contract between the Grantor (the person who creates the trust), the Trustee (one who controls the trust), and the beneficiaries (those entitled to benefit from the trust). You, as Grantor, determine how the trust will be operated by the Trustee and who benefits, how, and when. You can create a trust that permits you to be a Trustee and give you the right to receive full benefits from it.

 

This type of trust is typically referred to as a Revocable Living Trust and is often used as a substitute to your Will. It permits you to keep total control and access to all your assets during your life and provides for the distribution of your assets to your beneficiaries at your death. We often refer to a revocable living trust as your "Book of Instructions". A well-established advantage to Revocable Living Trusts is the avoidance of probate, which is required if you use a Will to distribute your assets after death.

 

Other advantages of Revocable Trusts, when properly drafted, can include:

• Asset protection for your spouse after your death.

• Special needs planning for disabled beneficiaries.

• Asset management and protection for children who are not proficient in handling money.

• Protection of assets from a spouse's subsequent marriage after your death.

• Disability planning in case you become disabled prior to death.

• Asset protection for your children if in bad marriages or to ensure your assets do not go to the in-laws.

• Keeping your affairs private (as opposed to open for public review in probate).

• No court intervention required (handled entirely by Trustee you name in accordance with your detailed instructions).

• Plan for proper management of your business in your absence.

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Very few revocable living trusts provide these benefits. 

Only a qualified estate planning attorney will know how to incorporate these protections into your plan. While a Revocable Living Trust has many advantages, it does not protect your assets from a nursing home, lawsuits, divorce bankruptcy, or other creditors.

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Mitchell Lansky

Imagine eliminating the worry and stress of money, wills, and care! Imagine your family celebrating your life without worry or confusion.

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We have navigated this system successfully for 30 years.

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Mitchell comes from a long line of Memphians dedicated to serving people. In addition to a Law Degree, Mitchell has a Masters in Tax Law and is a member of Lawyers with Purpose - a group that specializes in Estate Planning.

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With 30 years of experience in this field, Mitchell's mind and passion are aligned for details and problem-solving.

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Depending on where you are in life, Estate Planning could include some, or all of the following:
  • Durable Power of Attorney
  • Medical Power of Attorney
  • Last Wills & Testaments
  • Living Trusts
  • Advanced Care Directives
  • Probate Assets
  • Asset Jurisdiction
It's not right to continue ignoring the need to plan.
Your family shouldn't have to figure this out after you're gone.

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