- Revocable Living Trust: avoiding probate which is very costly and time consuming, and maintaining the privacy of your estate. Grantors are still the owners of the assets. Therefore, there is no tax benefit and no protection for the assets in the trust. Benefits of a Living Trust:
- Irrevocable Trust: grantors are no longer the owners of the assets in this kind of trusts. Therefore, an irrevocable trust provides protection and tax benefits.
- What assets you can put in a trust: cash, stock portfolios, real estate, life insurance policies, and business interests.
- Revocable Trusts vs. Irrevocable Trusts: Which Trust Is Right for Your Clients?
- Qualified personal resident trust ($20mil)
