Living Trust vs Will
Do I need a trust if I have a will ? I have two houses and two daughters. I put daughter #1 on my deed for one house and daughter #2 on the deed for the other. They are both paid off and comparable in price. Other than my homes, I have 401K and annuities which I have listed beneficiaries for. I don’t want the homes to incur any taxes or profit tax for my girls. ? Is a trust needed ?
Terry Says
There’s no tax on an inheritance unless you leave more than $17million. Your existing plan works — EXCEPT if you have a stroke or Alzheimer’s. Then no one can act until you die, and that could be a big problem.
Listen to this short video I made explaining why it’s better to have a Revocable Living Trust:
https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
