Ask Terry Questions Living Trust vs Will

Living Trust vs Will

By Terry Savage on March 05, 2024 | Financial Planning / Retirement

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:

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