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.