Section 38 Living Trusts

• Library: Farm Law 2006

Living trusts are estate planning devices that have been heavily marketed in recent years. Basically, a trust is created with the client/landowners serving as trustees and the primary beneficiaries. Their children are named as secondary beneficiaries. Upon the last parent’s death, the children take the property under the terms of the trust as successor trustees and beneficiaries. The linchpin of the transaction is the current transfer of all the clients’ property to the trust.

If counsel’s clients were...