– Revocable trusts offer control and flexibility as they can be changed or revoked during the grantor’s lifetime. They also help avoid probate and ensure privacy and uninterrupted asset management if the grantor is incapacitated. However, they are part of the taxable estate and may not be suitable for certain assets.
– Irrevocable trusts provide security and tax benefits as assets transferred into them are no longer included as part of the taxable estate, minimizing estate taxes. They also offer creditor protection, making them suitable for substantial estates or those with liability concerns. – Revocable trusts are suitable for individuals who want control over their assets and want to avoid probate.
– Irrevocable trusts are better for asset protection, estate tax reduction, and Medicaid planning.
– Setting up a trust can be complex, and professional legal guidance is valuable in this process.
– RTRLAW’s estate planning attorneys can provide personalized legal advice tailored to individual financial situations and personal wishes.
– Partnering with RTRLAW to establish trusts can provide peace of mind knowing that assets are secure and the legacy is protected for future generations.
– Contact RTRLAW for more information or a free, no-obligation case review.
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