Does a Revocable Living Trust Need to File

a Tax Return?

As excited as you are to finally have a Revocable Living Trust in place to protect everyone you love and everything you own, it is only natural to wonder what impact this new estate planning strategy will have during tax season. For example, many of our clients at Leigh Hilton PLLC ask, “Does my Revocable Living Trust need to file a tax return?”



Great question. And typically speaking, no, it does not need a separate tax return. But let us discuss this a bit more.

To learn more, read Leigh's full blog post.

What Should You Not Put in Your

Revocable Living Trust?

When you signed your Revocable Living Trust, your estate planning attorney likely included a detailed list of instructions on transferring ownership of certain assets to the Trust. At the top of the list were things like bank accounts, safe deposit boxes, bonds, stock certificates, and your vehicles — basically, everything you discussed that needed to be included when initially funding your Trust. But you are still new to this process and cannot help but wonder what you should not put in your Trust.



This is an excellent question because many people new to estate planning assume they need to toss everything under the Trust umbrella. The reality is that while your Trust is designed to hold various assets, it is not a catch-all. 

To learn more, read Leigh's full blog post.

UPDATE ON THE CORPORATE

TRANSPARENCY ACT

In our October 2023 newsletter, we informed you about new regulations that arose from the Corporate Transparency Act.  You may need to be in compliance with these new regulations if:



• If you own a small business (LLC, Corporation, etc.)
• Your small business has 20 or fewer full-time employees and less than $5 million in revenue

The new regulations require small businesses that qualify as reporting companies and are formed prior to 2024 to report the beneficial owners of their entity.  For those formed in 2024, they must also include information on the company applicants.  

To learn more, read Leigh's full blog post.

Call Leigh Hilton PLLC today!!

Having a competent estate planner in your corner will help you and your family navigate the often overwhelming waters that come with protecting everything you own and everyone you love. That is our job, and we would like to think we do it better than anyone else. Please call Leigh Hilton PLLC so that we can help ensure you and your family are taken care of in the best way possible.



Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you

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ATTORNEY LEIGH HILTON



Leigh Hilton has helped over 6,000 families protect the assets that they leave to loved ones from divorce, creditors, lawsuits and predators. She has over 26 years of legal experience in the practice areas of Estate Planning and Probate. Whether your estate is large or small, simple or complex, Leigh would welcome the opportunity to meet with you to discuss your estate planning needs. Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.