Consider ease of set-up, ability to modify, and tax shelter benefitsReviewed by Anthony BattleFact checked by Michael ...

When deciding between a revocable vs. irrevocable trust, you should consider your net worth and what type of tax shelter your heirs may need. Although it may be tempting to set up a will and ...

Revocable trusts, as their name implies, can be altered after they’re established. With these trusts, you can add additional assets, change beneficiaries and make other adjustments over time. Once the ...

Putting your home in a trust can protect your assets while you’re alive and make the ownership transfer easier after your ...

Editor’s note: This is part three of an ongoing series about using trusts and LLCs in estate planning, asset protection and tax planning. The effectiveness of these powerful tools — especially ...

Staying within those limits when transferring money to a trust can help minimize estate taxes. Revocable vs. irrevocable trusts There are two main types of trust (either revocable or irrevocable ...

Here are six simple steps to help you get started: Decide on the type of trust. Choose between a revocable vs irrevocable trust, depending on your needs. A revocable trust allows you to change ...

A revocable trust, on the other hand, can be changed or amended at any time. However, it doesn’t offer creditor protection. An irrevocable trust comes with certain tax benefits and asset ...

Typically the settlor of a revocable living trust is also the initial trustee until they either resign or are unable to manage the affairs of the trust due to incapacity or death.  While the ...

When you pass away, the revocable trust becomes irrevocable, and your assets are distributed as you specified. Revocable trusts are particularly beneficial for those who anticipate life changes like ...

The decision whether to choose a revocable or irrevocable trust for the protection of assets can have lasting implications and profoundly impact a legacy, so it's not something to be taken lightly.

Now, let’s look at each trust type in the context of some real-world asset management scenarios. As mentioned earlier, both revocable and irrevocable trusts can help you achieve this goal.