Revocable Trust vs Irrevocable Trust
Revocable Trusts Irrevocable Trusts Assets are considered owned by the grantor Assets are no longer owned by the grantor Change trust document as desired Difficult or impossible to amend trust Can change the trustee Can’t change the trustee or beneficiary Avoids probate court Avoids probate court Trust assets are protected Beneficiaries pays income taxes The […]
The Role of a Trustee and Their Discretionary Power
It is quite fitting that the word “trust” features prominently in the word trustee. This is because when you same someone as a trustee, you are literally placing your unlimited trust in them because you will be feeling the effects of their actions that you cannot always control. In other words, they control assets that […]
What is a Self-Settled Spendthrift Trust?
If you looking to protect your money, a Self-Settled Spendthrift Trust might be the right solution for you. What is a Self-Settled Spendthrift Trust? Like most Trusts, a Spendthrift Trust is a overseen by a Trustee. The Trustee manages the funds and distributes them to the beneficiaries according to the instructions or wishes of the […]