How do I set up a cost of living trust?
An example of an AI chatbot conversation about setting up cost of living trusts.
How do I set up a cost of living trust?
Setting up a cost of living trust involves several steps. First, you'll need to determine your assets and decide how you want them managed.
What are the benefits of having a cost of living trust?
The benefits include protecting your assets from creditors, avoiding probate, and ensuring your funds are available for living expenses.
Are there any tax implications I should be aware of?
Yes, there can be tax implications depending on how the trust is structured. It's best to consult with a tax advisor.
How much does it typically cost to set one up?
The cost can vary widely, typically ranging from a few hundred to several thousand dollars, depending on complexity and legal fees.
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