There is a new country song out where Toby Keith sings a song to a "Red Solo Cup." Some Nashville balladeer should come up with a song denoting the virtues of the Revocable Living Trust (RLT). Wills are passe. Spend a little more money and create a RLT. This is a private contract enabling one to transfer property into the RLT providing tremendous advantages to you during your lifetime and to your beneficiaries after you "kick the bucket." The maker of a RLT retains complete control over the trust's assets; the RLT can be revoked at any time. In case you lose your mind ( a distinct possibility in my case), the RLT can manage your affairs for you. Most importantly, an RLT avoids probate so although it costs a little more to set up than a will, it almost always pays for itself, often many times over. If you don't want the whole world to know you left your wife your 1974 Ford pickup and the rest of your $10 million estate to your mistress, the RLT is a damn nifty vehicle. Most importantly, you can fund it now under the recent 2010 Tax Act and likely save your estate a whole lot of money. Current estate tax laws are extremely favorable, but expire at the end of 2012. Not to sound like a pushy salesman ( who me?), but now really is the time to seriously consider creating a RLT. OK, I couldn't help but come up with the first stanza:
Revocable Living Trust,
You Are A Must.
Uncle Sam is trying to take my money,
I want to leave for my Honey.......
For further information regarding the legal work necessary to create an RLT, contact me at: rsmith@chartwellcapital.net.
Rob Smith
Managing Director
Chartwell Capital
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