Trusts are a valuable estate planning tool. They offer a myriad of benefits, such as:
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- The ability to pass your assets directly to your beneficiaries without going through probate court
- Faster transfer of assets after death
- The ability to set parameters for the distribution of your assets, which is especially helpful if, for example, you have an adult child who struggles with gambling or substance abuse, or minor children who should not receive their inheritance until a certain after, or after reaching certain life milestones
- Asset protection against creditors, predators, and even the cost of long-term care
However, there are several types of trusts, and which is right for you depends on your unique circumstances. Learn the differences between revocable vs. irrevocable trusts, and what questions to ask yourself to determine which is right for you, in our latest podcast!
