Trusts


Trusts are another tool to consider in your planning, either in your will or in a Living Trust.  A Trust is preferable to a guardianship in caring for minor children and helping them beyond age eighteen, for example.

A Living Trust is a trust you create while you are living, as contrasted with a Testamentary Trust which is created after your death by the terms of your will.

A Revocable Trust can be altered, amended, or revoked; an Irrevocable Trust is not meant to be changed, but the law will permit modifications in some circumstances if all interested parties can agree.

A Living Trust is especially appropriate if you own real property in more than one state, or are or may become a vulnerable adult in the future, or simply want greater privacy or wish to avoid probate.  In tax planning spouses can consider credit shelter, disclaimer bypass and QTIP or Marital Trusts and Qualified Personal Residence Trusts.

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