Whether to choose a revocable trust or an irrevocable trust depends on the asset protection they want and the tax treatment they need. I wrote this article to help them with the things they should consider before they make the choice.
Orem, UT (PRWEB) March 28, 2013
Revocable Trust or Irrevocable Trust –what are they and which one is best used for estate planning? This is the question answered in a new article, Revocable Trust and Irrevocable Trust-The Inside Story, by Attorney Lee Phillips.
Lee Phillips observes that, “When folks start to learn about estate planning and trusts, they find there are dozens of different types of trusts. Some are called living trusts, loving trusts, security trusts, land trusts, family trusts and numerous other kinds. It is often confusing and intimidating for them. But the truth is that all trusts fall into two categories, the revocable trust and irrevocable trust.”
He continues that, “Many people ask me what they should use. Whether to choose a revocable trust or an irrevocable trust depends on the asset protection they want and the tax treatment they need. I wrote this article to help them with the things they should consider before they make the choice.”
The article explains that the big difference is a revocable trust allows someone to change their mind and dissolve the trust. It can be revoked or altered when circumstances change. The irrevocable trust is permanent and can never be changed. Once it goes into place the beneficiaries own the assets and it cannot be revoked. The article then give a quick summary of the advantages and disadvantages of the two trust types.
Mr. Phillips serves as a counselor to the Supreme Court of the United States. He is the author of 11 books, along with his latest book Protecting Your Financial Future. He has written hundreds of articles for professional people assisting them in finding various strategies to use the law to protect their property, save taxes and make additional money. He is an asset protection, tax planning and entity structuring attorney who has addressed thousands of men and women on these topics. He enjoys helping other people apply the law, not only to provide asset protection and estate planning, but to use it to structure businesses and save taxes.
LegaLees was founded in 1982 by Lee R. Phillips. It is a legal self-help publishing company. It produces products designed to help people understand the law. Based on his own personal experiences, Mr. Phillips realized that people needed to be able to understand how the law works so they can direct their own legal professionals. He also saw that people who want to do their own legal work need to be shown how, not just handed a fill-in-the blank form. LegaLees has designed many products to help individuals structure their personal and business affairs. All of the products help the clients protect assets and prevent legal disasters that can strike at any time.