One of My Professional Advisors Says I don’t Need a Revocable Living Trust

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It’s not uncommon for professional advisors (attorneys, financial and insurance advisors, CPAs) to think of estate planning as pertaining only to finances, avoiding probate, or reducing taxes. That is the focus of the training most have experienced. Therefore if you have jointly held or beneficiary assets (thereby avoiding probate), or a smaller estate (thereby avoiding estate taxes) the professional may conclude that you don’t need trust planning.

However, knowledgeable advisors know that trusts are also used for disability planning, creditor protection for your spouse and children after death, passing along family values, and many other purposes beyond probate and taxes.