Revocable and Irrevocable Trusts
A revocable trust is a document that allows the grantor to dictate and manage how they want their assets distributed throughout their life and after death but allows the grantor to amend the trust. A revocable trust is only revocable during the grantor's life time. Upon the grantor dying, the revocable trust becomes irrevocable. Revocable trusts are still subject to estate tax if outside of the taxable exclusion allowed by the federal government.
An irrevocable trust is a document that allows the grantor to dictate and manage how they want their assets distributed throughout their life and after death but does not allow the grantor to amend the trust. Once an irrevocable trust is established it cannot be amended to change the distribution of the grantor's assets. Irrevocable trusts provide beneficial estate tax liability consequences.
What Trust do I Choose?
Deciding on what trust to execute is a big decision for estate planning purposes. A few key things to consider are:
- Whether you want to maintain the ability to amend the trust or not?
- The value of your assets you will be placing in trust?
- The tax consequences each trust will provide my estate?
Estate planning is an important process of life to leave your family better off and a way of taking care of them in your final moments and after. Call Posch Law Firm today to start your estate planning process.
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