Jerry Taylor argues that a living trust is the most critical legal structure for entrepreneurs and investors to preserve wealth. Without one, your estate gets tangled in probate, high taxes, and costly administration. A living trust avoids probate, minimizes taxes, keeps things private, and gives your heirs a clear path forward.
If you intend to create wealth in your life, if you're an entrepreneur, investor, real estate investor, the most important entity you need to be thinking about is not an LLC. It's not a land trust. It's not a corporation. It's not an S corporation. It is a living trust. Listen, there is one absolutely certain guarantee in life. That is that each of us has an expiration date. The day will come for each of us when we will exit the planet. Here's the question for you. If you're going to spend your entire life creating wealth, Working night and day, doing all the right things. Put— if that's you, then how are you going to pass on that wealth to the next generation? Are you going to do it in a responsible way, or are you going to leave a big pile of mass confusion and dysfunction? The bedrock, the foundation of your plan to create wealth should anticipate the way you're going to leave that to the next generation. Are you going to leave it in a way that avoids probate, minimizes estate taxes, minimizes cost and expense, does it all in private, set yourself up for success as well as the generations to come? The first step is a living trust, and in that
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