A Revocable Living Trust may be amended or cancelled by the “Grantor” (the person who establishes the trust) during the Grantor’s lifetime. Transfers into the trust by the Grantor never cause gift tax complications.
The Revocable Living Trust is not used for asset protection or estate reduction purposes. It is, however, commonly used in Estate Planning for other purposes.
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Michael L. Cahill is an attorney and certified public accountant providing estate planning, probate and tax services in the St. Petersburg, Seminole, Largo, Clearwater and Florida gulf beach communities.