John B. Whalen Estate Planning Law Blog on Lawyers.com

Pa Living Trusts and Caution?

Tuesday, July 29, 2008 by John B. Whalen

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Be extremely cautious of "Living Trusts" in PA.

For more from my Website: http://johnbwhalenjr.com/

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Revocable trusts have become increasingly popular as substitutes for Wills in Estate Planning, most notably in light of the fact that people are informed that they need to avoid "Probate."

As Pennsylvania is a very "probate friendly" state, in Pennsylvania (and not other states, such as California), "Living Trusts" do:

  • Not save tax (and often, unnecessarily, increases it),
  • Not save fees (and often, unnecessarily, increases it),
  • Not save time (and often, unnecessarily, increases it),
  • Not save costs (and often, unnecessarily, increases it), and
  • Not save aggravation (and often, unnecessarily, increases it).
 
Posted at 09:53 AM
Topic: Estate Planning
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