Incorporating trusts into a comprehensive estate plan greatly expands a family’s or individual’s options regarding tax mitigation, asset protection, and wealth transfer. However, knowing what type of trusts to choose isn’t always easy.
The number and types of trusts seem to grow with each passing day. The key to good trust planning is not to get hung up on labels. What the trust is called is not important, but rather what the trust allows you to accomplish.
That being said, trusts can be broken down into two basic categories:
- Revocable (Living) Trusts, and
- Irrevocable Trusts
Here we will dive into the first broad type of trust used in your estate planning and explain what a revocable living trust is, what it’s used for, what the benefits and drawbacks are, and how you can make use of one for your estate plan.
Create a Cohesive Plan
Trust planning can be overwhelming, and the consequences of getting it wrong can be disastrous. It’s vital that you discuss your financial and family goals with professional who can give you the advice you need to make informed decisions.
Call us today at (561)998-2362 or fill out the form below to schedule your free Financial Legacy Review. We’ll talk about your trust planning needs, as well as many other facets of your overall financial and family plan.