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No. of Recommendations: 3
irasmilo is correct when he says, "it depends" - and also when he says that this is too complicated and important to leave to a bunch of amateurs, however well-intentioned they may be. If you're not happy with the attorney who set up your trust, find another one who specializes in what they sometimes call "elder law" these days. Two further comments:

1. A trust like this is NOT about reducing taxes, though it's true that a well thought out trust can help here. The main purpose of the trust is to pass assets along without probate, which means quickly and out of the public eye. (Probate is not necessarily bad, but it can be costly, and worse, it can take many years to get things completely sorted out. And it's all a matter of public record.)

2. A trust is useless unless it's funded, that is, unless assets are moved into the trust. If house is titled showing you and your husband as joint tenants, then when you both die, it's gonna go through probate. If you don't want that, the trust should hold title.

But do find another attorney, and let him (or her) tell you all this. By the way, I think that a competent attorney should 1) set up the trust, 2) answer all your questions (though be aware that you will have to pay for him/her to do so!) and 3) follow up by seeing that the trust is properly funded, and stays that way. That means revisiting the trust and reviewing your assets every few years. By the way, even with the best trust in thew world, you still need wills.

Lorenzo - Who almost certainly will be departing these boards on Feb 14.
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