January 2, 2020

You may be thinking about setting up a trust to protect your assets, save on estate taxes, or perhaps set aside money for a special needs family member. Before you commit to a plan, make sure you understand the differences between the two basic types of trusts: the revocable (also called “living”) trust and the irrevocable trust. These differ in how they are structured and taxed, and each offers advantages and disadvantages depending on their purpose.

Both are tools for setting assets aside and distributing them according to specific wishes and instructions. They can protect one’s property, safeguard a family’s financial future, and provide tax-saving strategies.

Structure

As the name suggests, an irrevocable trust, once establi...

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All too often people engage in ad-hoc Medicaid or Asset Protection planning without proper legal advice. The consequences can be severe.

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A standalone third party trust can be a great opportunity for other family members to make a lifetime (or testamentary) contribution to a disabled individual.

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At long last, HUD has published a letter confirming that ABLE Accounts (and money coming in and out of them) will not adversely affect eligibility for...

HUD Publishes Letter Regarding ABLE Accounts

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