WHO CAN BE A SUCCESSOR TRUSTEE?
Successor trustees can be individuals (adult children, other relatives, or trusted friends) and/or a corporate trustee. 13. CAN A LIVING TRUST SAVE ON ESTATE TAXES? Although this year (2010) there is no estate tax, unless Congress acts to change the law, beginning in the year 2011, the estate tax exemption will be only $1,000,000. Therefore, if you die in 2011 or beyond, and the net value of your estate (assets less debts) is more than $1,000,000, federal estate taxes must be paid. If you are married, your living trust can include a provision that will let you and your spouse leave up to $2 million estate tax-free to your loved ones, saving tens of thousands of dollars. In addition, other strategies may be employed to reduce or eliminate these taxes, or to provide liquidity for their payment. 14. IS A LIVING TRUST EXPENSIVE? Not when compared to all the costs of court interference at incapacity and death. How much you pay will depend on how complicated your plan is. 15. SHOULD I HAVE A
