Should I Use a Revocable Trust or an Irrevocable Trust?

Perhaps you are new to estate planning. Or you prepared a plan years ago and need to revise it. Estate plans typically include a Will, a durable power of attorney, and a medical power of attorney. Many people also include a trust, a revocable trust and/or an irrevocable trust. If you are wondering, “should I use a revocable trust or an irrevocable trust,” think about the following questions: Do I want to remain in Read More

Disadvantages of Using an Irrevocable Trust

Maura was puzzled. She and her husband were finally thinking of putting together an estate plan. They had done some online research and stumbled across articles about irrevocable and revocable trusts. The irrevocable trust seemed to offer the kind of asset protection they wanted. However, she knew there had to be disadvantages to using any estate planning tool. What is an irrevocable trust? Every trust has at least Read More

Best Places to Establish a Domestic Asset Protection Trust

You may wish to protect your property from divorces, civil judgments, and creditors. One possible way to accomplish this is to use a Domestic Asset Protection Trust. However, only a handful of states allow this type of trust, and their laws vary. It’s important to research the best places to establish a Domestic Asset Protection Trust before setting one up. Domestic Asset Protection Trust Trusts are sometimes used Read More

How to Choose the Right Trust

Estate plans should include a Last Will and Testament, a durable power of attorney, and a medical power of attorney. Some people also prepare other documents, like a Living Will or a trust. But, when you start working on your estate plan, how will you know which trust is right for you? Consider Your Goals People who set out to develop an estate plan usually have goals in mind. Take some time to think about what you Read More

Revocable vs. Irrevocable Trusts

Every trust contains a trust maker, a trustee, and at least one beneficiary. Trusts vary, however, in why and how they are established. Before creating and funding a trust, it’s important to know a little about the different types of trusts. In this blog, we’ll take a look at the difference between revocable trusts and irrevocable trusts. Actually, the names may be a big tipoff to the main qualities of each type Read More