Because you retain control over a revocable living trust and can remove property from the trust, there are some things you can’t do with the trust.    

You cannot use the trust to shield or protect accounts and property from your creditors. You cannot use the trust to protect assets from the cost of long-term care. You cannot avoid paying taxes on income earned by the trust. The income on the trust’s accounts and property must be reported on your personal tax return. You cannot perform trust-related business individually. You will need to sign as the trustee instead of as an individual. This limitation is manageable, however. It usually means you will sign as “John Doe, Trustee of the John Doe Trust” instead of “John Doe.”

Schedule an appointment to discuss whether a revocable living trust is right for you.