 Revocable or Irrevocable (by MMIT [VA]) Mar 12, 2024 9:24 PM
 Revocable or Irrevocable (by Ray-N-Pa [PA]) Mar 12, 2024 9:37 PM
Revocable or Irrevocable (by Jim [CA]) Mar 13, 2024 1:18 PM
Revocable or Irrevocable (by DJ [VA]) Mar 14, 2024 8:07 AM
Revocable or Irrevocable (by plenty [MO]) Mar 14, 2024 8:46 AM
Revocable or Irrevocable (by Phil [OR]) Mar 16, 2024 8:45 AM
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Revocable or Irrevocable (by MMIT [VA]) Posted on: Mar 12, 2024 9:24 PM
Message:
Is a revocable trust or an irrevocable trust better to use for setting up an estate?
Thanks
--184.187.xx.xxx |
Revocable or Irrevocable (by Ray-N-Pa [PA]) Posted on: Mar 12, 2024 9:37 PM
Message:
Typically they are revocable when dealing with land trust (real estate) so you can liquate the real estate. If it was irrevocable if you elect to sell the place you couldn't sell just the real estate, you would have to sell the trust holding the real estate also.
An experienced investor would see that it really doesn't matter that much, but to the masses - they don't know what to do with a trust. Attorney's only get three hours on trust in law school. That is a beautiful thing if you are looking at the trust for asset protection. If you are looking for an attorney to help you with a land trust, there are not that many out there that know what is really going on. John Hire and Jeffery Watson are a couple of great attorneys that can help steer you
A living trust is typically irrevocable. At least right now - once you die, you are not coming back. Living trust are not land trust though.
Excellent question. With a name like MMIT, asset protection is ever so wise. I wish I knew more when I was younger about it. --24.101.xxx.xxx |
Revocable or Irrevocable (by Jim [CA]) Posted on: Mar 13, 2024 1:18 PM
Message:
Revocable so you can make changes if the situation changes. I realized later one Son is not responsible enough to receive a large inheritance so I have it set up in a trust and he will receive an allowance. --23.162.xx.x |
Revocable or Irrevocable (by DJ [VA]) Posted on: Mar 14, 2024 8:07 AM
Message:
Revocable while you are alive, then becomes irrevocable at your death. --68.229.xxx.xxx |
Revocable or Irrevocable (by plenty [MO]) Posted on: Mar 14, 2024 8:46 AM
Message:
Are you married? Step children? Lots of factors. Second marriage here, our is revocable until one of us dies, then it set solid irrevocable at that point. Still provides for the remaining spouse but the inheritance we have set forth remains the same. Many factors go into these decisions and each situation brings forth pros and cons. --172.59.xxx.xxx |
Revocable or Irrevocable (by Phil [OR]) Posted on: Mar 16, 2024 8:45 AM
Message:
For most of us here, Revocable is most likely the better option. Irrevocable has some tax advantages once the estate gets large enough ( many millions of dollars), and some pitfalls-- from my understanding.
Consult an attorney that specializes in trusts. That is all my trust attorney does. Don't rely on free information from us. --76.138.xxx.xxx |
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