This blog post is going to review common situations in which a revocable trust becomes irrevocable. There are more situations and ways that cause a revocable trust to become irrevocable, but this will just talk about the common situations. The common situations are death of the Grantor and incapacitation of the Grantor. A revocable trust …
Two Types of IRA Trusts
Today, we’re going to talk about IRA trusts. These are a way to literally protect the beneficiaries from themselves and control how they get money. There’s two main types of IRA trusts: an accumulation trust and a conduit trust. An important aspect of both these trusts are if you’re leaving an individual retirement account, an …
Two types of Special Needs Trusts
Today we’re going to talk about the two types of special needs trusts. Special needs trusts are designed to help a special needs beneficiary continue to qualify for public benefit programs such as Medicaid, by keeping their assets low and their income low. The first type we’re going to talk about is a third party …
How Inherited IRAs can be paid to beneficiaries
Today we’re going to talk about individual retirement accounts, also called IRAs and how they fit into estate planning for you. Before we get into everything, we need to explain a couple of definitions because this can get a little bit complicated and a little bit murky because some of the things sound the same. …
Difference between an irrevocable trust and a revocable trust
I question I often get is what the difference between an irrevocable trust and a revocable trust, also called a living trust or inter vivos trust. Before we start talking about these trusts, there’s three basic definitions I want to get out there. There’s the person that creates the trust; the person that manages the …
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