You need to make sure you title appropriate assets in the name of the trust (aka “funding” the trust). Once a trust is created and funded, it remains in place until it is revoked by you or distributed according to its terms. There is no ongoing costs or fees to a living trust, nor is there any separate accounting required. IRS regulations provide that a revocable living trust uses the tax ID number (Social Security Number) of the grantor (creator of the trust), so no tax returns should be filed for the trust. Instructions on how to transfer or title assets into the name of the trust will be provided.

Author Andy Miner

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