Revocable And Irrevocable Living Trusts

Powerful Planning Tools You Can Use Today

Trusts are estate planning tools you can use to improve your tax position, avoid probate, provide for your loved ones and leave something meaningful for causes you care about. The term living trust is derived from the Latin inter vivos — because it is a trust that exists during your life.

As long as it's properly drafted and adequately funded, a living trust can be a strategic win for you and your family by taking assets out of your estate — so they can't be taxed — and placing them into the trust.

At the office of Dorothea J. Kingsbury Attorney at Law, I work with families in northern Ohio to help them prepare for the future and provide for their families. I welcome the opportunity to work with you.

What's The Difference Between Revocable And Irrevocable?

A revocable trust is a trust that can be changed by you during your lifetime — it leaves you, the grantor, the power to manage, supplement, or revoke it while you are alive.

An irrevocable trust is permanent — it cannot be changed once it is created. Upon your death, your revocable trust becomes irrevocable. If a trust is right for you, an estate planning attorney can help you explore the difference between these types of living trusts.

Contact Me For Advice

If you have questions about optimizing your estate plan, talk to a Cleveland attorney for revocable and irrevocable living trusts — talk to me. As a lawyer with extensive experience in the planning of estates, I can evaluate your situation and explain what trust options may be useful for you and your family. Contact me today.