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Christ Temple Church
Revocable Living Trust



Description/Benefits
 
Frequently Asked Questions
 
Why Would I Want a Revocable Living Trust?
 
Setting Up a Revocable Living Trust
 
This information is of a general nature only. For specific legal advice and assistance, you should contact your own attorney.

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Descriptions/Benefits

A Revocable Living Trust does the work of a Will and more. A Will provides for the distribution of your resources at the time of death. A Revocable Living Trust does the same, but it allows you to prepare for the financial handling of your living needs (in the event you become too sick to take care of them yourself or you simply don't want to be involved any longer). And, it avoids probate.

With a Revocable Living Trust, you are relieved of investment concerns and responsibilities. Your trustee manages your investments for you.

No one should be without a Will. However, an increasing number of people are expressing interest in a Revocable Living Trust. A Trust addresses concerns during your lifetime as well as providing for distribution of assets at your death.

To look at ways a Revocable Living Trust may be beneficial for you and your family, read our frequently asked questions.

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Frequently Asked Questions

  1. What do you mean by a Revocable Living Trust?
     
  2. Who would be my trustee?
     
  3. What specifically are the advantages to me of a Revocable Living Trust over a Will?
     
  4. Do I lose control over the assets in my Trust?
     
  5. Can I add more assets to my Revocable Living Trust in the future?
     
  6. I have heard that joint ownership avoids probate. Is this true?
     
  7. How does a Revocable Living Trust avoid probate?
     
  8. I am interested in charitable/Christian organizations such as my church. Can they be remembered?
     
  9. What is the procedure I go through to set up a Revocable Living Trust?
     
  10. Will a Revocable Living Trust save on my taxes?
     
  11. If something happens in my situation, can I change the provision of my Revocable Living Trust?
     
  12. If, do to failing health, I cannot manage my finances, does a Revocable Living Trust contain any built-in protection?
     
  13. Is there any charge for acting as trustee?

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  1. "What do you mean by a Revocable Living Trust?"

    Revocable ensures you the right to change the provisions in your Trust at any time. It's called a Living Trust because you are transferring assets to your Trust while you are still alive. A Trust is a separate legal arrangement that allows you to transfer any of your assets to a trustee.

    The trustee holds the assets, invests them, collects income, pays normal expenses, and distributes net income to you or others, according to your instructions (as written in the Trust agreement).

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  2. "Who would be my trustee?"

    Any qualified organization or individual, including you, can be the trustee.

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  3. "What specifically are the advantages to me of a Revocable Living Trust over a Will?"

    A Will only determines how your assets will be distributed after your death. A Will offers no lifetime services. In addition, a Will is a public document.

    Normally, a Will requires probate. This is a legal process through which the court makes sure your debts are paid and your assets are distributed as directed in your Will. Probate may be expensive, due to legal and executor's fees which are paid by the estate. Usually, probate delays the distribution of your resources (even one to two years or longer).

    A Revocable Living Trust is a private document. Only you and the trustee need to know the terms of the Trust. It's not a matter of public record now or at your death. Also, it's flexible; you can change your mind about any of the distribution provisions in your Trust at any time.

    With a Revocable Living Trust, you still decide how you want your assets distributed at your death. Assets in a Revocable Living Trust do not go through probate, thus normally you save both time and money.

    In addition, you have the ability to determine how you want your financial affairs handled while you are yet living. Your trustee manages your Trust assets according to your stated objectives.

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  4. "Do I lose control over the assets in my Trust?"

    No. You maintain control over your assets by having the ability to revoke the Trust. For example, the principal of the Trust is available to you to meet unplanned expenses. Your assets are only distributed according to your instructions.

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  5. "Can I add more assets to my Revocable Living Trust in the future?"

    Yes. You can add assets of any amount at any time.

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  6. "I have heard that joint ownership avoids probate. Is this true?"

    Not really--joint ownership only postpones probate. With joint ownership, when one person dies, the other person becomes the sole owner. However, when the second person dies, or if both of them die at the same time, the property must go through probate before it can be distributed.

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  7. "How does a Revocable Living Trust avoid probate?"

    When you establish a Revocable Living Trust, you transfer to the trustee all assets that you want included in the Trust. Technically, your Trust now owns those assets. However, because you can revoke the Trust, you indirectly have control over the assets. Everything in your Trust at the time you die avoids probate.

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  8. "I am interested in charitable/Christian organizations, such as my church. Can they be remembered?"

    Yes. Organizations such as your church and the Christ Temple Church of the Apostolic Faith Inc. can be named as beneficiaries in your Trust.

    Many have found the Trust an excellent way to make a future charitable gift to Christ Temple, and it has been a great benefit and blessing to our ministry of evangelism. A Trust is especially useful for those who need to retain the income from their gift or who may need their assets in the future. Our representatives are prepared to explain how you can name Christ Temple as a beneficiary.

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  9. "What is the procedure I go through to set up a Revocable Living Trust?"

    Essentially, you do three things:

    1. Specify how you want your assets distributed at the time of death,

    2. Decide who will be your trustee, and

    3. Select an attorney to draft the Trust document.

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  10. "Will a Revocable Living Trust save on my taxes?"

    Because you control the assets, a Revocable Living Trust does not reduce your income taxes. Placing appreciated assets in your Trust may have capital gains tax consequences.

    Usually, a Trust transfers assets to named beneficiaries after your death. Distributions to qualified organizations (like your church or Christ Temple) will reduce any Federal estate taxes because they will be considered charitable contributions.

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  11. "If something happens in my situation, can I change the provisions of my Revocable Living Trust?"

    Yes. You can change your Trust at any time if something changes in your personal situation. You simply contact your trustee, who will make whatever changes you desire.

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  12. "If, due to failing health, I cannot manage my finances, does a Revocable Living Trust contain any built-in protection?"

    Yes. If you become disabled or incompetent, your trustee will continue to manage your Trust in your best interest. This may include applying the income and, if necessary, the principal of the Trust to pay your expenses.

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  13. "Is there any charge for acting as trustee?"

    Normally, yes, depending on who is trustee.

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Why would I want a Revocable Living Trust?

A Revocable Living Trust has the flexibility to meet a person's major concerns.

None of us want to be a burden to anyone else. We want to be self-responsible, to know that we have adequately anticipated how to meet our financial obligations, even if we become sick or find it necessary to live in a nursing home.

We want to manage our resources and our blessings wisely. We want to provide for the charitable causes we believe in.

A Revocable Living Trust may help you achieve this feeling of accomplishment.

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Setting up a Revocable Living Trust.

We would be happy to help you and your advisors explore the available options in charitable gift planning. If you have questions and would like to talk to one of our representatives about a Revocable Living Trust, please contact our office via mail, phone, or e-mail at:

Christ Temple Church of the Apostolic Faith Inc.
9020 B Woodyard Road
Clinton, MD 20735-4214

(301) 868-3567

email:
christteme@aol.com

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"Year's Theme: “And if it seem evil unto you to serve the LORD, choose you this day whom ye will serve; whether the gods which your fathers served that were on the other side of the flood, or the gods of the Amorites, in whose land ye dwell: but as for me and my house, we will serve the LORD.” - Joshua 24:15; "As for me and my house, we will serve the LORD in 2017.”

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