I’m not sure I understand what the supposed benefits are of creating a revocable living trust in your particular situation. Would this be for better tax treatment? An easier way to settle estates when both you and your spouse are gone? Easier access to more need-based financial aid for your daughter? Better asset protection for your daughter against creditors and maybe a divorcing spouse after her parents are gone? And what assets would be placed in the living revocable trust? As far as need-based financial aid is concerned, I don’t see how this move could possibly garner more aid.
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