Revocable Living Trusts: Top 6 Myths (Part I)

Posted by Gregory Singleton | Jan 19, 2022 | 0 Comments

In today's video we discuss three of the top 6 myths about revocable living trusts. Myths in this Part I of a two part series include:

Myth 1: People Cannot Challenge a Revocable Living Trust

Busted: Yes, they certainly can. There are procedural differences and different notice requirements, but any basis that a will can be challenged is pretty much a basis that a revocable living trust can be challenged.

Myth 2: Revocable Living Trusts Save on Income Taxes

Busted: Revocable living trusts are a legal fiction where in reality, you still own your property. There is no income tax saving from using a revocable living trust.

Myth 3: Revocable Living Trusts Protect Assets From Medicaid

Busted: Only irrevocable living trusts can protect assets from Medicaid or Medical Assistance. Revocable living trusts, as the name suggests, are not irrevocable.

About the Author

Gregory Singleton

Trusted Legal Advisor Gregory Singleton is a skilled attorney, experienced in both litigation and transactional work. He has tried multi-million-dollar cases and has negotiated multi-billion dollar contracts. With Signature Law, his goal is to make the law accessible to you, your families, and y...

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