Archive for 'Revocable vs Irrevocable Trusts'

Check out the video that goes over how to avoid probate. Not as easy as you – or your lawyer – thought!

THE DIFFERENCE BETWEEN REVOCABLE AND IRREVOCABLE TRUST PROPERTIES

“What’s the difference between revocable and irrevocable trusts?” It’s not a trick question. The revocable trust is revocable and the irrevocable trust is irrevocable. I don’t mean to be silly, but that’s the difference.

Ok, there are other differences when it comes to the revocable vs. irrevocable trust decision. The income tax, estate tax, and asset protection issues all hinge on whether you have a revocable trust or irrevocable trust.

REVOCABLE TRUST VS IRREVOCABLE TRUST ...

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When you’re considering setting up a trust to avoid probate, you’ll be “sold” a living revocable trust. A married couple can have individual trusts or joint trusts. Joint trusts will have only one physical trust document. An individual trust for the husband and an individual trust for the wife will usually be created using two separate trust documents. However, a single document could be used to describe two separate trusts.

A joint revocable trust is probably the easiest form of living ...