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Trusts are an important component of estate planning that are used in conjunction with a will to provide direction and continued control long after you die. Trusts fall into two general categories: Revocable trusts, which can be changed or revoked during the life of the person who makes them, and irrevocable trusts, which generally cannot be changed by the person who makes them. Evocable trusts offer few tax benefits, but can be used to control and preserve assets for the benefit of children and other dependents, including persons receiving public benefits. Revocable Trusts can also be used to simplify the probate process, especially if the trust assets in another jurisdiction, such as a vacation home.
Irrevocable trusts can be used for all of the same purposes as a Revocable Trust, but they have may provide the advantage of minimizing estate taxes by reducing the size of your taxable estate.
When creating your estate plan, our attorneys will evaluate your situation and will discuss the benefits and limitations of trusts as part of your estate plan.
Contact Barron & Posternock to see how we can best serve you and your estate planning needs.
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