What is a living trust? | GTAMotorcycle.com

What is a living trust?

in canada you are taxed at a trust rate, in the US its a personal tax rate, so its bigger south of the border.

reasons here would be , direct to proceeds of an estate and dictate the end result

defer probate

avoid transfer taxes

control assets as well as cash, keep an estate building in a family

leave money into the next generation, grandkids.

unless there is a metric crapton of money the cost of manageing can out weigh the end result, accounts and wealth management lawyers love this stuff.

Unless there is a very big bag-o-cash and you really dont 'trust' your family its ego driven, ..... look at me, running the show from beyond the grave.
 
BREAKING DOWN 'Revocable Trust'

A revocable trust is a part of estate planning that manages and protects assets as the grantor, or owner, ages. The trust is amended or revoked as the grantor desires and is included in estate taxes. Depending on the trust’s directions, the trustee, or holder of the assets, distributes the assets to the beneficiaries or holds and manages the property. The trust remains private and becomes irrevocable upon the grantor’s death.
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Kinda like a power of attorney if you go down, but not out? If you have no dependents or beneficiaries, not sure why you would need one.

...but if you have anything to leave, who do you want it to go to, the government?
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