Secure Your Family's Future Through Trusts Effortlessly
Types of Trusts and Their Benefits
There are several types of trusts, each serving different purposes and offering unique benefits. A revocable living trust allows you to retain control over your assets during your lifetime and can be altered or revoked as your circumstances change. This type of trust is particularly beneficial for avoiding probate, which can be a lengthy and expensive process1.
An irrevocable trust, on the other hand, cannot be modified after it is created, which might sound restrictive but offers significant tax advantages and asset protection. By transferring assets into an irrevocable trust, you effectively remove them from your taxable estate, potentially reducing estate taxes2.