Are Living Trusts Only for the Wealthy?

I’m often asked, “Is a revocable living trust only for the rich?”. The answer is no. Revocable living trusts are for anyone who wants to protect his or her family from probate court, probate fees, and estate taxes. If you own a home, or several pieces of property, you absolutely need a trust. More importantly, a trust protects your assets from Medi-Cal recovery. It also protects your children and your other beneficiaries from creditors and possibly divorced judgements.