Unlocking the Power of Revocable Trusts in Your Estate Planning Strategy
An individual is constantly seeking ways to effectively manage their assets, whether it involves minimizing unnecessary taxes or passing assets down to their children. Estate Planning involves creating a legal vehicle to hold assets in a trust fund for the beneficiary’s benefit. A trust represents complete ownership of money or property, with a trustee holding the title and a beneficiary receiving the benefits. While there are various types of trusts, the primary ones are revocable and irrevocable. The Importance of Revocable Trusts A revocable trust allows the creator to make modifications or changes to it. During the trust’s lifespan, the income is distributed to the creator, and the property transfers to the beneficiaries after the creator’s death. While some attorneys
