Trusts - Revocable or Irrevocable?

Revocable or Irrevocable, that is the question, right?

When it comes to protecting your estate, a trust is one vehicle that can help. Choosing the right trust arrangement can be crucial.

To decide if and which trust to choose, you need to work with an attorney, but here are just a few things to consider:

• Which is most important to you: control or protection? A revocable trust will allow you more control, but an irrevocable trust generally offers more protection.
• Are taxes a significant part of the decision? Revocable trusts do not provide estate tax benefits. An irrevocable trust removes the asset from your estate, thereby reducing taxes.
• While both need to be carefully created, an irrevocable trust is typically much more complex to create and manage. That typically means it will cost more upfront.

Both trusts have merits; it just depends on your purpose. No matter which you choose, you should carefully consider discussing a trust with a legal professional soon. If you have any questions about your estate or existing trusts, give us a call at 216-236-1106.