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Chapter 4. Estate Planning > Living Trusts

Living Trusts

When it comes to estate planning, one size definitely does not fit all. While it is true that everyone should have a will, Health Care Proxy, and a Durable Power of Attorney, once you get beyond these documents, what you should have as a part of your own personal planning depends on your own particular situation, desires and goals. There are many vastly different kinds of trusts that can serve many valuable purposes, including legitimate income tax avoidance, reducing estate taxes, probate avoidance and liability protection.

In 2002, Congress held hearings on Living Trusts to determine whether federal regulation was needed for this particular estate planning tool that has too often been oversold to the public, particularly to senior citizens.


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