Living Trust Attorneys

Camp Hill, Shippensburg, Chambersburg, Carlisle, Mechanicsburg, Newville

The Law Offices of Saidis Sullivan Law can help you with all of your estate planning needs, including the creation of a living trust. We have drafted living trusts for our estate planning clients for years. Our estate planners are highly knowledgeable about federal and state regulations and can help you protect your assets so that they will be passed on to your loved ones when you die.

What is a Living Trust?

When you create a living trust, you are taking your assets out of your name and placing them into the trust. You retain control over the trust as long as you live and can make changes to the terms whenever you like. When you die, a Successor Trustee will take over the management of your trust and distribute your assets to your beneficiaries as stipulated in the terms of the trust.

A living trust does not go through probate; therefore, you can avoid the time and expense involved in the probate process that is inescapable with a will. You will avoid probate fees.

Is a Living Trust Better than a Will?

Depending on your station in life and financial situation, a living trust may be a better option than a will. However, they are not for everyone. Living trusts are ideal for older people with an estate that consists of few major assets which are easily transferrable to the trust.

In order to reap the benefits of a living trust, you must place all of your assets into it. If you have any assets outside of the trust, your estate must go through probate.

If your finances are more complicated or if you are constantly moving your assets around, a living trust is not the best option for you. In this situation, you are better off with a traditional will.

Federal Estate Tax Exemption

The Economic Growth and Tax Relief Reconciliation Act of 2001 clearly spells out the amount of money your estate can be worth in order to be exempt from federal estate taxes.

In 2009, the federal exemption is $3.5 million. That means that if the gross worth of your estate is less than $3.5 million, you will not have to pay federal estate taxes. If the gross worth of your estate exceeds this value, you will be forced to pay estate taxes to the federal government.

The exemption law is subject to change in 2010. The government will most likely reset the exemption value at this time.

The attorneys at Saidis Sullivan Law can help you draft a living trust that will protect your assets and help you avoid costly probate fees. Please contact one of our estate planning lawyers today to schedule a consultation.

 

888-664-6222

Our Divorce & Family Law Services include matters involving:

• Business Succession
• Wills
• Powers of Attorney
• Living Wills
• Advance Directives
• Living Trust Attorneys
• Life Insurance Trusts
• Distribution of Properties
• Family Trusts