When lawyers use the terms “revocable” and “living” when referring to a trust, they’re doing so because those words have specific meaning in the law. A revocable living trust is “revocable” because you, as the person who creates the trust, have the right to revoke or modify its terms as at any time. On the other hand, if you were to create an irrevocable trust, you cannot change or revoke the trust terms later.
Topics covered in this report include:
- Trusts
- Revocable, Living
- RLTs
- Developing a Plan That Relies Upon an RLT
Click here to read the whole article or download the PDF.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
Latest posts by Timothy P. Murphy (see all)
- Estate Planning and Charitable Giving — Key Points - March 29, 2020
- Over-Funding Your Retirement Plan: A Potential Estate Planning Problem - March 27, 2020
- Best Places to Retire: State Taxation - March 25, 2020
Leave a Reply
You must be logged in to post a comment.