Revocable Trust
A revocable living trust is a trust that you set up during your lifetime. This type of trust can be amended or even revoked during your lifetime. Advantages of revocable trusts include:
- Investment management for you and your beneficiaries during your lifetime.
- Avoidance of probate of trust assets and a reduction of costly estate settlement expenses because your assets are distributed through your trust.
- Enables a married couple to structure assets in a way that reduces estate taxes.
- Income paid to you monthly, quarterly, or if you prefer, it can be reinvested.
- Principal disbursements for you and your family during your lifetime, as desired.
- Distribution of your assets following your death or at the termination of your trust according to your instructions.
- Investment of your available cash provided through a daily cash sweep feature in your account.
- Management of your affairs for you, in the event of illness, accident or incapacity.
- A flexible agreement that you may amend or revoke at any time.
- You retain as much or as little control, contact and responsibility as you wish.
We are happy to work with the attorney of your choice in this process.
Irrevocable Trust
A non-changeable trust for your heirs.
An irrevocable trust cannot be terminated by you and is most often used for making gifts or establishing a permanent arrangement for the benefit of your family or favorite charities.
An irrevocable trust may provide tax advantages when integrated with your overall estate plan. Always consult your attorney or tax advisor about your specific circumstances. Other benefits may include:
- Investment management for your beneficiaries during your lifetime and following your death.
- Distribution of your assets upon your death or at the termination of your trust according to your instructions.
Avoidance of probate of trust assets and, thus, a reduction of costly estate settlement expenses because your assets are distributed through your trust. |