|
- Estate Planning: What Is a Revocable Trust? - ElderLawAnswers
Revocable trusts are an effective way to avoid probate and provide for asset management should you ever lose capacity In addition, revocable trusts – sometimes called “living” trusts – are incredibly flexible They can achieve many other goals, including tax, long-term care, and asset-protection planning What Is a Trust and When Should My Estate Plan Include One? A trust is a legal
- Living Trust vs. Irrevocable Trust: Whats the Difference?
Revocable Trust vs Irrevocable Trust: Differences in Structure Once you establish an irrevocable trust, you cannot cancel or revoke it The person creating the trust, sometimes called the “grantor,” transfers assets into the trust and permanently gives up all claims to them A trustee then carries out the instructions spelled out in the trust
- Understanding the Common Types of Trusts - ElderLawAnswers
Revocable trusts are generally used for the following purposes: Managing and protecting assets: Revocable trusts permit the named trustee to administer and invest the trust property for the benefit of one or more beneficiaries Avoiding probate: At the death of the trust grantor, the trust property passes to whoever is named in the trust
- How to Use a Trust in Medicaid Planning - ElderLawAnswers
A revocable trust is one that may be changed or rescinded by the person who created it Medicaid considers the principal of such trusts (that is, the funds that make up the trust) to be assets that are countable in determining Medicaid eligibility Therefore, revocable trusts are of no use in Medicaid planning
- Is It Better to Use Joint Ownership or a Trust to Pass Down a Home?
When leaving a home to your children, you can avoid probate by using either joint ownership or a revocable trust, but which is the better method? If you add your child as a joint tenant on your house, you will each have an equal ownership interest in the property
- Probate Versus Trusts: Why All the Fuss? - ElderLawAnswers
Revocable A living trust is revocable, meaning that you can end it at any time You, as the creator of the trust, reserve the right to amend it, revoke it, change the trustee, and generally alter the trust however you please
- You May Need a Revocable Trust With Your Power of Attorney
To determine whether a revocable trust is right for your situation, work with a qualified attorney Search for an estate planning attorney near you today For further reading on these types of legal documents, be sure to check out the following informative articles: Understanding the Common Types of Trusts What Is a Power of Attorney?
- Pros and Cons of a Medicaid Asset Protection Trust
A Medicaid Asset Protection Trust (MAPT) is one option a person may consider to protect their assets from Medicaid and nursing homes or long-term care What Is a MAPT? A MAPT is an irrevocable trust created during your lifetime (Note that you cannot revoke irrevocable trusts after you have established them This differs from a revocable living trust, to which you can make updates ) The
|
|
|