REVOCABLE VS. IRREVOCABLE
LIVING TRUSTS
A revocable Living Trust provides flexibility and probate avoidance, and is most useful for clients with complex family situations, privacy concerns, or who own real property in more than one State.
Irrevocable trusts are often used to reduce estate taxes, preserve governmental benefits, or to protect assets from the nursing home. They are also useful tools in second marriages, or for families struggling with problems of alcoholism, drug addiction, mental health issues, or creditor claims.
LIVING TRUSTS
A revocable Living Trust provides flexibility and probate avoidance, and is most useful for clients with complex family situations, privacy concerns, or who own real property in more than one State.
Irrevocable trusts are often used to reduce estate taxes, preserve governmental benefits, or to protect assets from the nursing home. They are also useful tools in second marriages, or for families struggling with problems of alcoholism, drug addiction, mental health issues, or creditor claims.
Testamentary trusts are trusts which are created in a Last Will and Testament. They are not considered “living trusts”, as they are not created while you are living, but rather upon your death and through your Will. The selection of a living trust or testamentary trust requires careful consideration and experience.