Do You Have a Revocable Living Trust? Here is Why You Should.

 


     Do you have a revocable living trust?  Do you even know what it is?  Here I am going to try to explain what it does and how important it is for you to create one.  I think you will be pleasantly surprised how much you will enjoy the peace of mind knowing that your assets will be allocated exactly as you had planned.  Furthermore, you can place conditions and rules pertaining to those assets that are in place long after you are gone.

        A revocable living trust is just that, a trust document.  It’s more of a series of documents that list all of your assets and how, when, and to whom they should be appropriated.  This is beneficial for anyone that owns property, equity in their home, rental property, investments, life insurance, a side hustle, crypto or stocks, or an IRA to name a few.  You are the grantor of the trust.  Your assets will be owned by your trust which is in your control and can be used by you over the course of your life. This trust can be edited at anytime throughout the grantors lifetime.  You can delegate another person to be the trustee in the event you become incapacitated to manage your affairs, but ultimately you have final say over your assets and how they are dispersed. This can be reversed when you recover.

     Even if your single with no heirs, you need to leave instructions for your estate.  Your assets still have to be dealt with.  A revocable living trust helps keep your assets out of probate court.  You have the added benefit that your provisions will not be eat up by expensive lawyers or family and friends fighting over your assets.  Most of all you can keep your decisions private.  It’s simple and can be setup once and your done.  It can be edited and updated as circumstances change over your lifetime.  

     Some things are also best left out of your trust.  I have listed some items you may need to be handled another way due triggering tax consequences at the time of transfer.  These assets can be listed in the trust but handled by retitling them to the trust.  This is tricky and should not be handled by someone that’s not qualified in understanding the tax implications and varying state laws.  Qualified annuities such as 401K and IRAs, medical savings accounts, uniform gifts to minors, and insurance policies can create issues with taxes if not handled correctly.  It is best to have a qualified estate planner attorney draw up your trust or you can do it yourself.  You can put in your will that your assets are in the trust. I’ll leave a link below of a self executed document that I would highly recommend getting notarized if you go this route.  Also I will add links for more information on this subject.  Hopefully, this will give you another tool for handling your affairs.  Don’t leave all that you have worked for up to the courts. Put your affairs in order before it’s too late.


Links

Revocable Living Trust Sample

Assets to Reconsider Listing




Senior Living Apartments

 If you are over 55 then you may have questions about senior citizens apartments. Though
there are many good reasons to consider a senior apartment, each person’s circumstances
differ greatly. For example, some seniors will be looking for apartments that offer a stronger since of community. Other individuals will be looking for senior living alternatives that allow more freedom to travel. Below are some questions that seniors should consider when searching for senior living accommodations.

Senior living and Family

Will I be near family?

In many circumstances, it can be important for the elderly to be near family for physical needs and emotional support. 

Do residents share common areas?

Some independent living facilities feature shared living areas such as cafeterias and sitting areas. It is important to evaluate your personal need for space and privacy.

What are the Parking Arrangements?

Will there be assigned parking or will parking be first come first serve? In addition, some apartments provide free parking for a single personal vehicle. Each additional vehicle may cost extra to park. 

Is this apartment convenient?

You will not want to drive an hour to get to your church, doctor, or favorite grocery stores. Search the area for local alternatives or simply verify the drive or walk time to your most frequently visited areas. Some other conveniences that you may want to consider are; gyms, fast food, hospitals, parks, vets, even entertainment.  

Senior apartments and lighting
Does the living area and floor plan meet your needs?

Many senior apartments will already be handicap accessible. However, there is more to adequate living arrangements than a few handrails. Tile or hardwood floors can be hard on the knees, back, and legs. If this is the case for you, then you may want to find an apartment with carpets instead. On the other hand, carpets can often be bothersome to allergies.

I hope you are beginning to see that senior housing is not one size fits all. 

Other considerations:

Cooking – Does the kitchen offer a stove to meet your cooking needs?

Lighting – Do you read a lot? If so, lighting may be of particular interest to you.

Ventilation – Are there enough screened windows to allow you to enjoy a fall day?

Storage – Will you have enough storage to prevent bringing your golf clubs inside?

Cabinets – How much cabinet space will you require in the kitchen and bath area?

Consider the extra cost.

Many apartments may offer amenities such as a pool or gym. These luxuries are often included in your monthly rent or HOA fees. It is always a good idea to ask about hidden fees and extra costs prior to signing anything. Never assume anything, when in doubt, ask.

Author: Presto Reviews
Website: Prestorev.com 
High Quality Reviews based on real-life experience!