What are the long-term benefits of cost of living trusts?
An example of an AI chatbot conversation about the advantages of cost of living trusts.
What are the long-term benefits of cost of living trusts?
Cost of living trusts can provide financial security, tax benefits, and protection against inflation over time.
How do they protect against inflation?
They adjust the trust's assets to keep pace with inflation, ensuring that the purchasing power remains stable.
Are there any tax advantages?
Yes, cost of living trusts can help minimize estate taxes and provide potential income tax benefits.
What happens to the trust when the beneficiary passes away?
The assets in the trust can be distributed according to the trust's terms, often avoiding probate.
Can I change the terms of the trust later?
Yes, many cost of living trusts are revocable, allowing you to modify the terms as your circumstances change.
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