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The Truth About Living Trusts

The Truth About Living Trusts. 2004. The Truth About Living Trusts. What is a living trust? The pros and cons of living trusts How to spot the scams What to do if you might have fallen prey to one of the scams. What is a Living Trust?. Part of estate planning

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The Truth About Living Trusts

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  1. The Truth About Living Trusts 2004

  2. The Truth About Living Trusts • What is a living trust? • The pros and cons of living trusts • How to spot the scams • What to do if you might have fallen prey to one of the scams

  3. What is a Living Trust? • Part of estate planning • Like a will: lets you direct how your property will pass after death • NOT like a will: it’s in effect while you’re alive

  4. Living Trusts: Right for You? • Help manage assets during a disability • If you have children or grandchildren with special needs • If you own property in more than one state • Avoids going through probate • Private (not filed in public records)

  5. Living Trusts:Wrong for You? • Most people don’t need one • Probate is not a big concern for most people • May be more private – but there’s no supervision • More expensive to prepare than a will • NOT a simple solution

  6. Living Trust Scams • Salespeople who pressure you to buy – whether or not a living trust is right for you • Make a lot of false claims, including using AARP’s name

  7. Living Trust Scams • Postcards that make it look like AARP supports their product – NOT TRUE!!

  8. Living Trust Scams • Claim #1: A living trust will help you preserve your legacy • Truth #1: • Living trusts are still subject to estate taxes • Most people don’t need to worry about probate costs • Living trusts are expensive to create

  9. Living Trust Scams • Claim #2: The free lunchtime seminar will give you good information • Truth #2: • The “seminar” is for sales, not information • Pressure to buy • Pressure to give out personal information

  10. Living Trust Scams • Claim #3: The living trust kit was prepared by an attorney, and you just fill in the blanks • Truth #3: • “Kits” often just generic forms • No attorney involved – and you need one! • May not meet state requirements • A bad idea

  11. Living Trust Scams • Remember: • AARP does not sell or endorse any living trust product. • AARP has never given permission to living trust marketers to use the AARP name.

  12. If you might have been scammed… • Take your trust document and all other paperwork to an estate planning attorney • Report scams to your state Attorney General • Report scams to the Federal Trade Commission: 1-877-FTC-HELP

  13. The Truth About Living Trusts • What is a living trust? • The pros and cons of living trusts • How to spot the scams • What to do if you might have fallen prey to one of the scams

  14. The Truth About Living Trusts 2004

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