What a Revocable Living Trust Does and Does Not Do

Revocable Living Trust in Pennsylvania Explained

Understand what a revocable living trust can accomplish in Pennsylvania and common misconceptions.

A revocable living trust is a flexible estate planning tool.

It can help avoid probate for properly funded assets. It can allow management of assets during incapacity. It can structure distributions for beneficiaries.

However, it does not eliminate Pennsylvania inheritance tax. It does not protect your own assets from your creditors. It also does not remove assets from medicaid "countable assets" for medicaid eligibility.

A trust only works if it is properly funded. Assets must be retitled into the name of the trust. Used correctly, a trust provides privacy and continuity. Used incorrectly, it becomes an unused document.

Trust planning should align with your overall estate plan.

To determine whether a revocable trust is right for you, schedule a consultation with Sojourner Law, PLLC.