An irrevocable trust is usually created to take assets out of the estate of the grantor mostly to: Save on federal or state taxes; Remove the assets from potential creditors; or Help protect assets when applying for governmental assistance such as Medicaid. When a trust is first created, the terms may seem sound and reasonable. However,
Has someone appointed you as a trustee of a trust and you now want to know what your duties are? Do you want to make sure you carry them out properly? Perhaps you are a beneficiary of a trust and you want to know whether the trustee is properly administering the trust.
People create trusts for various reasons. The main reasons are to: Avoid probate; or Pay less in federal and/or state estate taxes This article will discuss the uses of trusts in estate planning and whether they are right for you. Avoiding Probate People who desire to avoid probate usually want to do so because they:
An increased interest in estate planning has contributed to a rise in the popularity of revocable living trusts. Perhaps you’ve heard of them but you’re fuzzy on the details. Here are the basics. You create a revocable living trust while you’re alive and you can cancel it at any time. Generally, you are both the