Revocable Trusts vs. Irrevocable Trusts- Erik Sprulin, MPL Law Firm скачать в хорошем качестве

Revocable Trusts vs. Irrevocable Trusts- Erik Sprulin, MPL Law Firm

The most common type of trust is a Revocable Living Trust. You create it when you are alive and can revoke it at any time. Usually you are the trustee and the beneficiary and have complete control over the situation and treat the assets as your own. The 2 benefits of a Revocable Trust are: Management with everything consolidated into one vehicle Avoiding probate if done correctly and are funded Revocable Trust Truths: They are tax neutral- won't help or hurt with income or inheritance taxes. No creditor protection for car accidents or nursing homes Irrevocable Trusts- can't be shut down or undone. Usually 5 years after the funding, if drafted correctly, it will protect against creditors. It does require carving out a significant amount of an estate to put into a trust that you can never get it back. There are dozens of trusts and there is no one size fits all approach. Get the personalized information to what works best for you. https://mpl-law.com/team-member/erik-...