Question - In this given 4 mints video - Ormon explains living revocable trusts. Consider: What is involved in the probate process? What is the purpose of a living revocable trust in terms of probate?
What does it mean for the living trust to be revocable?
Do living revocable trusts affect the amount of estate taxes due upon the donor's death? (Note: this is an important TAX distinction between revocable and irrevocable living trusts!) What does Ormon say you use Form 709 to do? does it have broader application than she states in her video?