Does a revocable trust save taxes?
It is a common misconception that revocable trusts save estate taxes. All assets which the decedent had an interest in at death are subject to the federal estate tax. However, there are ways to draft your trust to minimize the effect of estate and income taxes.
Children or loved ones with disabilities may need to have a special needs trust, which may prevent the reduction of government benefits such as Medicaid or SSI.