June 2010
Country Counsel by: Robert Moore
MANY estate plans involve trusts to minimize estate taxes, avoid probate and maintain more privacy for the estate. Trusts can be classified as either revocable or irrevocable.
Revocable trusts, often called living trusts, can be amended or even terminated during the life of the person establishing the trust (grantor), and the grantor maintains full control over the trust during his or her lifetime. Irrevocable trusts typically cannot be amended, and the grantor gives up all control of the trust and the assets in the trust. Irrevocable trusts have gained popularity recently as a tool to reduce estate taxes and minimize the risk of losing assets to nursing home costs…Download full article here.
