FINAL THOUGHTS ON LIVING TRUSTS

My concerns about the Living Trust are the same with respect to reverse home mortgages (which I had a discussion with earlier with someone on my Facebook page): a Living Trust can be a great alternative for some older Americans but they are not for everyone and the confusion is compounded by there being so much promotion by firms and others regarding these instruments, instruments which can be as powerful as a Power of Attorney or a regular Will. Right now, I suggest that anyone seeking a Living Trust should consult with their regular attorney if they have one, attorneys in other states where they have property located and which would be placed in the trust, an accountant, their family and perhaps even a social worker or a separate Elder Law attorney to discuss the effects a Living Trust would have on estate planning, eligibility for senior benefits, etc. And yes, this makes the process costly.