Elder Law

Are Trusts Still Useful If the Estate Tax Is Repealed?

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Geoff Hoatson

Attorney / Principal

With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax.  In 2017 the tax affects only estates over $5.49 million, meaning that for more than 99 percent of Americans, it’s already been repealed.  With no estate tax, do you still need a trust? While trusts can be used to shelter assets from the estate tax, trusts have many other valuable estate planning uses.

A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a “trustee,” holds legal title to property for another person, called a “beneficiary.” The following are some of the benefits of trusts.

Trusts are just one possible part of an estate plan. For inquiries or to set up a consultation, please contact us at (407) 574-8125.

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