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The Truth About Living Trusts
2004
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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
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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
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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)
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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
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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
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Living Trust Scams• Postcards that make it look like
AARP supports their product – NOT TRUE!!
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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
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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
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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
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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.
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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
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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
![Page 14: 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](https://reader035.vdocuments.mx/reader035/viewer/2022062421/56649db65503460f94aa894f/html5/thumbnails/14.jpg)
The Truth About Living Trusts
2004