Revocable trusts, also referred to as Living Trusts or Inter Vivos Trusts, are a power estate planning tool. Revocable Trusts have the following advantages over the use of wills alone: the avoidance of probate, privacy, the elimination of court supervision, simplicity of amendment, and potential for to act as limited conservator for instances of incapacity. A revocable trust, created and managed by the donor during his or her life, may include provisions regarding distribution of the donor’s assets after the donor’s death. Read More.
An irrevocable trust is a trust that can’t be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust. One of the major purposes behind establishing an irrevocable trust is to remove any property within the trust as part of the decedent’s estate thereby removing any estate tax implications with respect to said property. Read More.