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Latham New York Legal Blog

Benefits of a revocable trust vs. an irrevocable trust

If you are thinking about incorporating a trust into your estate planning, you may first want to consider whether the need is there. According to CNN Money, recent changes to the federal tax law have doubled the federal estate tax exemption to about $11 million for a single person's estate, or $22 million if it is a couple’s estate. However, you may have other reasons for creating a trust. Maybe you are setting up a trust because your children are minors, to protect your assets, to give gifts to charity, to avoid the probate process, or to save on other taxes.

 

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