YOUR LEGAL INSIGHT COVELLI & PISCIONE LAW OFFICES, P.C. "Trust" in your Estate Plan Revocable Living Trusts are the subject of a lot of online mar- keting. These types of trusts are seeing a resurgence in pop- ularity across the country. But what does that mean for your Estate Plan? Is a Revocable Living Trust right for you? There is a good chance that the materials you are viewing, reading, and listening to are not even set in Pennsylvania. time and expense necessary to complete the administration process. Revocable Living Trusts do not offer any liability or creditor protection during your lifetime. They do not avoid Pennsylvania Inheritance Tax. They do not become irrevocable until your death, and therefore, do not receive a Tax ID Number or file separate tax returns during your lifetime. So, what does a Revocable Living Trust actually do, and who needs one? A Revocable Living Trust is an estate planning mechanism that compiles and "holds" all of your assets while you are still living. There is no change in tax status while you are living, as it is simply a re-titling of assets. Your Revocable Living Trust can be amended or terminated at any time while you are alive and have capacity. It provides for the disposition of assets while you are alive, as well as the disposition of assets upon/ after your death. It names a Trustee, which is typically you, for your lifetime, and then at least one Successor Trustee, who will administer the Trust upon your resignation, incapacity, or death. It is typically accompanied by a "Pourover Will" which will provide that any of your assets not titled in the name of the Trust be added to the trust after your death. Who should consider a Revocable Living Trust? Pennsylvanians who also own property Revocable Living Trusts are not necessary for most Pennsyl- vanians. The Trust administration process very closely mirrors the probate process, so there is not much difference in the Official Community Choice Awards 2025 . (or plan to own property) in another State Couples with Blended Families may benefit from a Revocable Living Trust Individuals who have fiduciaries living in another State or Country Individuals whose total Estate Value may exceed the Federal Estate Tax threshold Make sure that you understand the type of Trust you are form- ing, and what that Trust will and will not accomplish for you. The experienced Estate Planning Team at Covelli & Piscione Law Offices, P.C. can assist you in understanding the best, and most cost-effective way to accomplish your goals. And with a free, 30 minute initial consultation, there's never been a better time to ask! best COVELLI PISCIONE GOLD TRIBE ALLEGHENY HWEST SOUTH LAW OFFICES, P.C. Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys and has been providing Estate Planning and Estate Administration legal services for nine years. The team of attorneys at Covelli & Piscione Law Offices are experiences in several areas of the law. For more information, call 412-653-5000 or visit, covellilaw.com FREE Consultation | Call Today! 412-653-5000 ADVERTISEMENT adno 402202 YOUR LEGAL INSIGHT COVELLI & PISCIONE LAW OFFICES , P.C. " Trust " in your Estate Plan Revocable Living Trusts are the subject of a lot of online mar- keting . These types of trusts are seeing a resurgence in pop- ularity across the country . But what does that mean for your Estate Plan ? Is a Revocable Living Trust right for you ? There is a good chance that the materials you are viewing , reading , and listening to are not even set in Pennsylvania . time and expense necessary to complete the administration process . Revocable Living Trusts do not offer any liability or creditor protection during your lifetime . They do not avoid Pennsylvania Inheritance Tax . They do not become irrevocable until your death , and therefore , do not receive a Tax ID Number or file separate tax returns during your lifetime . So , what does a Revocable Living Trust actually do , and who needs one ? A Revocable Living Trust is an estate planning mechanism that compiles and " holds " all of your assets while you are still living . There is no change in tax status while you are living , as it is simply a re - titling of assets . Your Revocable Living Trust can be amended or terminated at any time while you are alive and have capacity . It provides for the disposition of assets while you are alive , as well as the disposition of assets upon / after your death . It names a Trustee , which is typically you , for your lifetime , and then at least one Successor Trustee , who will administer the Trust upon your resignation , incapacity , or death . It is typically accompanied by a " Pourover Will " which will provide that any of your assets not titled in the name of the Trust be added to the trust after your death . Who should consider a Revocable Living Trust ? Pennsylvanians who also own property Revocable Living Trusts are not necessary for most Pennsyl- vanians . The Trust administration process very closely mirrors the probate process , so there is not much difference in the Official Community Choice Awards 2025 . ( or plan to own property ) in another State Couples with Blended Families may benefit from a Revocable Living Trust Individuals who have fiduciaries living in another State or Country Individuals whose total Estate Value may exceed the Federal Estate Tax threshold Make sure that you understand the type of Trust you are form- ing , and what that Trust will and will not accomplish for you . The experienced Estate Planning Team at Covelli & Piscione Law Offices , P.C. can assist you in understanding the best , and most cost - effective way to accomplish your goals . And with a free , 30 minute initial consultation , there's never been a better time to ask ! best COVELLI PISCIONE GOLD TRIBE ALLEGHENY HWEST SOUTH LAW OFFICES , P.C. Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys and has been providing Estate Planning and Estate Administration legal services for nine years . The team of attorneys at Covelli & Piscione Law Offices are experiences in several areas of the law . For more information , call 412-653-5000 or visit , covellilaw.com FREE Consultation | Call Today ! 412-653-5000 ADVERTISEMENT adno 402202