To know what's right for you and make the most of your living trust, it's important to know what to ask your lawyer. We've put together the top 10 questions you should ask your living trust attorney so they know how to get started. Most lawyers recommend that you also develop a power of attorney that authorizes another person to make legal and financial decisions on your behalf so that there is no doubt that you have someone to handle decisions if you are unable to do so. With these top 10 questions to ask a lawyer about living trusts, you can optimize your living trust to best suit your needs.
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Are trust attorney fees tax deductible?
For example, if you have a living trust that generates income, the legal fees associated with maintaining and preserving your trust are tax-deductible. An example of an income-generating trust would be one that includes rental properties.
What questions to ask when setting up a trust?
To find out what's right for you and get the most out of your living trust, it's important to know what to ask your lawyer. We've put together the top 10 questions you should ask your living trust lawyer so you know how to get started.
How does an attorney trust account work?
A lawyer trust account is a special bank account in which clients' funds are kept safe until it's time to withdraw them. Whether it's known as a client's fund account or a lawyer's trust account, using a lawyer trust account is a good business idea for lawyers who have money as an advance (or any other money) on behalf of a client for their case.
What better trust or will?
Trusts are frequently used in estate planning. Living trusts created during the life of the grantor facilitate the transfer of assets to heirs without the cost or publicity of probate.
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