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Ask Dave

The Will Versus The Trust

Deanna has a head-to-head question for Dave about a last will and testament and when to have it over a trust.

QUESTION: Deanna asks Dave's guest and tax attorney, Norm Rollins, when a trust is better than a last will and testament.

ANSWER: Right now, if an estate’s over $3.5 million, or you have a situation where you have a lot of life insurance and you want an irrevocable insurance trust to shelter that portion. But otherwise, there’s no tax purposes for trusts now unless you’re over the $3.5 million exemption. Even then, you have a will.