Revocable and Irrevocable Trusts
Trusts can be used for a variety of purposes, including long-term gifting and probate avoidance. We work with our clients to determine the best trust for their needs and the best way to ensure that they are protected.
COMPLIMENTARY CONSULTATIONWe work with clients handling trust planning for a wide range of purposes. Whether it be for probate avoidance, long-term gifting strategies, or asset protection, trusts are a powerful estate planning tool. Most trusts can be broken into one of two groups: revocable or irrevocable trusts.
Revocable trusts are trusts that can be changed at any time – assets can be put into the trust or taken out, and the trust can be amended as circumstances change. For many families, a revocable trust is the best choice and provides the best planning options.
Irrevocable trusts are trusts that generally cannot be changed and from which it is difficult to take assets out. There are several reasons to use irrevocable trusts, such as for medicaid planning, but great care needs to go into the planning and drafting of such trusts. These trusts are best used when there is no anticipated change and the beneficiaries are clear.
Trusts are highly recommended if you have minor children. A trust for your children allows you to ensure that their guardian has access to the money to care for their needs, and ensures that you can continue to pay for their education and maintenance. Trusts allow you to make sure that your children can buy a house or start a business, go to college, or buy a car, with money that you’ve left for them, but it doesn’t let them spend the money without some supervision.
Trusts are also a strong planning tool for people who own real estate in multiple states. By putting each property into a trust, you avoid having to probate your estate everywhere. You also avoid inconsistent rules and time periods. By putting all of your property in one trust, you guarantee that everything can pass as you want, when you want it to, and in the manner that you choose.
Three main reasons:
- Asset protection
- Long-term gifting
- Probate avoidance
We assist clients in creating and funding a wide range of trusts. Let us help you plan your legacy, whatever your plans are.
COMPLIMENTARY CONSULTATION