I have heard that a Living (inter vivos) Trust is a good way to avoid the costs of probate and inheritance taxes. Is it a good idea?
Probate costs are usually minimal. A Living Trust does not save inheritance taxes or estate taxes. A Living Trust is a good idea if: (a) You own real estate outside the Colorado. (b) You want to keep something private. (c) You may move to another state where probate is more complex. (d) You may acquire real estate in another state such as a vacation home or retirement home. (e) The size of your estate is substantial or complex.