You have probably seen someone– a non-lawyer likely– selling living trusts, offering numerous promises, including “saving money,” avoiding probate, and reducing or avoiding taxes. Some salespeople will say that living trusts ensure privacy or can be used to prevent actions by creditors, including the government and health care providers. There are even trust “mills” that pump out trusts with little to no regard for the actual needs and desires of clients. It is imperative to make sure that you hire an expert to achieve your objectives. Attorneys have studied trusts in law school, know the place of trusts in an estate plan, and can provide a holistic solution for their clients that consider all of the circumstances of the household. Below, we will discuss the differences between revocable and irrevocable trusts and how a proper lawyer can help you achieve the goals mentioned with the correct legal instrument.
Read moreThe Differences Between Revocable and Irrevocable Trusts