Be Careful of the Pitfalls in Estate Planning


A revocable living trust compliments a will and enables your beneficiaries to inherit your wealth upon your death with no need for probate.  But, the trust must be properly funded if it is to do any good.  You must transfer your assets into your trust while you are alive. This means changing legal ownership of your assets from your name to that of the trust.

Bank accounts, stocks, real estate, and even business interests are the type of assets that should be transferred to a trust.  Real estate requires a new deed for the transfer.  It is usually recommended to avoid transferring IRA’s and 401(k) plans to a revocable trust.  This can trigger unwanted tax consequences.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.


Leave a Reply

Your email address will not be published.

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882
Toll Free: 877.447.4667
New Smyrna Beach Office:
646 N Dixie Fwy
New Smyrna Beach, FL 32168
Local: 386.256.4882
Toll Free: 877.447.4667