LIVING TRUSTS

If you have a moderate or large estate, you may find it desirable to create a living trust. 

The living trust is completely within your control during your lifetime. You can add property to the trust or remove property from the trust at any time. During your lifetime, the trust income is taxable to you.

There are at least three major benefits of the living trust.

•  If you are sick or in the hospital, your designated successor trustee can take over and manage your property for your benefit. 

• Second, if you pass away, the property in the living trust will avoid probate and potentially save thousands of dollars in costs. 

• Third, the living trust typically is a private document and is not made public during the probate process.

Gloucester Institute is not engaged in rendering legal or tax advisory services. Individuals considering gifts to Gloucester Institute should obtain the services of a financial advisor, such as an attorney, a certified public accountant, a certified financial planner and/or a chartered life underwriter.