Revocable and Irrevocable Living Trusts
Trusts Involve Continuous Work Each Year of Their Operation
One of the most forgotten aspects of trusts is that they require that a person or persons perform work in many instances each year. For example, some person must complete the change of title to each piece of property, notify insurance companies of such changes, change the bank accounts, register the change in securities and a number of other tasks. Thereafter, each year the trust must file a separate federal and sometimes state tax return, or at least a special schedule to your tax return. An accounting of profits and losses must be performed. Thus, you ought to make sure that the value of the assets is significant to merit the expenditures which will be incurred each year.