Meier Law Firm, PLLC
Call Today For An Appointment!
518-313-0249

Revocable vs. irrevocable trusts: what you need to know

When you are looking at estate planning, creating a trust is vital. Most people use trusts as a helpful tool to distribute their estate after they are gone, especially if they have a considerable one. However, there are differences between the two main types of trusts, and it is good to know which one is for you.

 

Revocable Trust

A basic way to think about this type of trust is that you can change it. Sometimes called a living trust, due to its ability to be ever-changing, you can also revoke it entirely. These types of trusts are great for individuals who have reason to believe they may want to modify any terms originally laid out, or like to have complete control over changing any detail later.

Irrevocable Trust

This style of trust is one that you nor anyone else can change after you draw it up, as the assets remain safe within the terms laid out. Individuals who have a sizeable estate may benefit greatly from this, due to the benefits that creating this type of trust creates. There are a few benefits to having an irrevocable trust, including:

  • Protection from creditors
  • Tax benefits by reducing the visibility of your estate
  • Government benefits, including Medicaid and social security

If you have not set up a trust, it may be wise to do so, to ensure your estate is handled properly when you are gone. Both revocable and irrevocable trusts are good options, and it is important to decide which one is right for you.

No Comments

Leave a comment
Comment Information
Contact the Firm

Providing Practical and Honest Legal Services For Your Family

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

At the Meier Law Firm, PLLC. it's not just business, it is personal.

Office Location:

Office Location:

Attorney Advertising

10 Utica Ave
Latham, NY 12110

Phone: 518-313-0249
Fax: 518-313-7815
Latham Law Office Map

1473 Erie Blvd.
2nd Floor
Schenectady, NY 12305

Phone: 518-313-0249
Map & Directions