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Advance Directive Vs. Living Will
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A revocable living trust offers maximum flexibility. As the trustor, you can make changes at any time. You can amend the revocable trust or even revoke it and draft a new one. The final version of your trust cannot be modified after you die. In contrast, an irrevocable trust cannot be changed, modified, or revoked unless there are written instructions given to the beneficiaries or trustees that allow for its modification under specific circumstances with limitations included.
You can assign a disability trustee to manage the assets in your trust in the case you become mentally incapacitated. A revocable trust also helps you avoid probate. Probate can be an expensive and slow process. A revocable trust keeps your assets and inheritors private, whereas, a will is a public document.
With a revocable trust, the assets in the trust are considered yours. If sued, your revocable trust would not offer you creditor protection. Are there irrevocable trust advantages? An irrevocable trust removes your ownership of the assets and therefore any claim to your assets by creditors. In preparing for Florida Medicaid Planning, an irrevocable trust can transfer your assets and help you maintain an income stream. With a charitable lead trust, you can transfer an initial set of assets while you are alive and provides you with a tax deduction for your charitable contribution. Should you choose to hold off the transfer of assets to the charity until you die, your estate can claim the charitable estate tax deduction.
Your estate planning attorney will ask you the right questions and will explain whether a revocable trust or an irrevocable trust is advisable for your personal situation. Many people ask how does an irrevocable trust work and what is an irrevocable living trust?
Definition: trustor 'grantor' of a trust is the person who creates a trust and they are the one who contributes property to the trust. And, the trustee is who manages the trust and is usually appointed by the trustor who created the trust. For living trusts the trustor is also the trustee.
The Berman Law Group in Boca Raton will review the benefits of a Revocable Trust and a Irrevocable Trust taxes scenario with you so you can reap the benefits of being protected.