Revocable Living Trusts Attorney in Fairfax, VA
The Law Firm of Northern Virginia Trusts & Estates
Revocable Living Trusts are a good estate planning tool that, upon our death, our heirs benefit from the assets we have accrued during our lifetime. Understanding the myriad of legal tools that are available to distribute assets and protect our beneficiaries can be confusing, and sometimes needlessly expensive.
We have helped many clients create revocable living trusts all across Northern Virginia, including Fairfax, Reston, McLean, Vienna, Arlington, Alexandria, Falls Church, Tyson`s Corner, Sterling and Great Falls.
Call us today at Northern Virginia Trusts & Estates to discuss revocable living trusts, wills, powers of attorney and guardianships. Dial 703 938 3510 to speak to a member of our legal team.
We pride ourselves on the affordable legal services that we provide and the experience of our lawyers.
What is a revocable living trust?
A revocable living trust is a means to ensure that the family wealth is available for the education, health, maintenance and support of minors and spouses. It can help to reduce taxes on the estate, particularly on the death or incapacity of the second spouse, and avoid probate for all assets that have been transferred to the trust.
A key feature of an RLT is the ability to preserve married couple tax relief and savings on the estate, as well as being `revocable` which means it can be changed during the creator`s (the Grantor`s) lifetime. It also offers the chance to designate an age when a minor is deemed to have reached sufficient maturity to handle the wealth held by the trust, for instance, 25 years old, and the Trust can continue until that time.
During the Grantor`s lifetime, the trust does not reduce income tax from your assets in the trust, and this is declared in the same manner on your income tax return as it was before. However, it does reduce estate tax in the event of your incapacity or death.
How to find out more about revocable living trusts?
Contact us today and we’ll advise you on all aspects of revocable living trusts in Northern Virginia!