Revocable trusts are the more flexible of the two structures. When you create a revocable trust, you retain control over the assets you place in it during your lifetime. As long as you are legally competent, you can add or remove assets, change beneficiaries or trustees, adjust distribution terms, or revoke the trust entirely. In […]
irrevocable trusts
Can You Revoke an Irrevocable Trust?
When you create an irrevocable trust, the assets you place in it are generally considered locked away. The common assumption is that such a trust cannot be changed. In reality, under certain circumstances, it may be possible to revoke or terminate an irrevocable trust, but the process is complicated. A trust is its own […]
What To Know About Special Needs Trusts
If you need to provide for someone who’s physically disabled, mentally disabled, or chronically ill but don’t want to jeopardize his or her public assistance disability benefits, special needs trusts are a popular strategy. Usually, such programs as Social Security Supplemental Security Income, Medicare, and Medicaid impose an income or asset ceiling. However, money put […]
Are All Irrevocable Trusts Really Irrevocable?
Is it possible to place assets in an irrevocable grantor trust and swap said assets out for other property at a later date? Believe it or not, this is not a trick question. With the right planning in place, the answer is yes! Also known as an intentionally defective grantor trust, an irrevocable grantor […]
Are Irrevocable Trusts Really Irrevocable – Part III
Estate Planning attorneys include irrevocable trusts as part of a comprehensive Estate Plan to achieve both tax and non-tax goals. As the use of Irrevocable Trusts has evolved, so have the ideas about changing them. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more.
Are Irrevocable Trusts Really Irrevocable – Part II
For many years Estate Planning attorneys touted irrevocable trusts as an immutable way to set an estate plan in stone. As more and more states have adopted the Uniform Trust Code that has changed. Provisions of the Uniform Trust Code allow for modification of an otherwise irrevocable trust which has altered the landscape of Estate Planning. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more.
See Larger Map Get Directions