How to set up a revocable living trust (with sample trust document)...and why setting up a trust now will save you LOTS of time and money later
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REVOCABLE or IRREVOCABLE you decide‼️Revocable trust: The assets are still considered part of the grantor’s estate, if the grantor dies in debt it will impact distributions to beneficiaries and don’t offer asset protection. Irrevocable trust: Offer asset protection from lawsuits and creditors. Once assets are transferred into an irrevocable trust it’s not your personal property and it’s removed from your taxable estate. How can they calculate your total value of your estate, if all wealth is hel
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Considering a Trust…know the differences. A revocable trust allows the grantor (the person creating the trust) to change or terminate the trust at any time during their lifetime, while an irrevocable trust cannot be easily modified once established, meaning the grantor loses control over the assets transferred to the trust; essentially, a revocable trust offers flexibility while an irrevocable trust is “locked in” with limited ability to make changes. #livingtrust #revocabletrust #irrevocabletru
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