A. No! Revocable trusts, also known as Living Trusts, gives the client only one benefit, which can ultimately create buyer’s remorse for the person buying it. The only benefit of a revocable trust is bypassing probate, which is helpful. But that’s it. Living trusts give no tax advantages, privacy protections or asset protection.

A. The Trust can purchase a non-qualified annuity; however, it cannot pay the money to someone that is not the Trustee or a Trust Beneficiary. The owner should be the Trust, and the beneficiary could be the Trustee or the Beneficiary.

A. Our basic Family or Beneficial Trust costs $15,000 to setup and activate. With this, we recommend purchasing one of any of our service packages (Silver, Gold, Platinum or Blue Diamond). There is a lot more to a trust than getting the “book.” The trust must be personalized to each entity and its individual situation. Then you must properly activate and fund the trust. This is where 90% of trust buyers will go wrong. Improper activation and funding can invalidate the entire trust and render it completely useless. Implementation of trust activities involves setting up accounting, business changes, etc. This includes Management Agreements, Operating Agreements and much more. There are more than 100 forms we have on hand which we can help you with as part of the Service package.

A. Above the trust book fees, service package fee (all only in year 1), there are no recurring fees with Nexxess. You may have accounting fees from a 3rd party. For overly complex trust usage, this is the most likely reason for any significant added costs. In those situations we will provide you with recommendations to 3rd party accounting teams, all of which have IRS Enrolled Agents on their staff. Again, depending on how the trust is being used, these accounting fees in any one year may be minimal (< $500), or you may need quite a bit more. You'll have a chance to discuss this with us and with the team you choose.

A. Typically, we can get the trust set up and begin the activation, consultation and implementation within the first week. There is a 3 day “right of rescission” period which must pass before any work is to begin. This is why we like to say 5-7 business days before the trust set up is complete.