Irrevocable Vs. Revocable Trusts
An irrevocable trust is simply a trust that can’t be changed after it is established; a revocable trust is simply a trust that can be changed. Our team can assist you with determining the correct trust for you or your family’s needs.
Irrevocable trusts are common to reduce estate taxes. Irrevocable trusts are also used to protect assets and for charitable estate planning. It is important to have an experienced team of professionals when making decisions regarding an irrevocable trust. Allow our team of attorneys and accountants to assist you with these decisions.
Revocable trusts can be extremely flexible. Oftentimes, our clients use a revocable trust to avoid probate or protect the privacy of the deceased and beneficiaries. While revocable trusts are flexible, they do not offer the same level of protection from creditors as an irrevocable trust.
Who Needs A Trust?
People who choose to distribute money, stocks and other assets to heirs before or after their death will often consider a trust fund with beneficiaries and a trustee (yourself, a family member or friend, or a trusted legal adviser). Setting up a trust is often a better way to manage your assets by establishing rules for its disbursement to family members, charities and friends. Before you (the trust grantor) create a trust, speak with an estate attorney to decide if an irrevocable or revocable trust is best for your financial situation and your family.
It is important that your goals be considered before you establish a trust. Trust our team to listen to your goals and offer personalized recommendations and solutions to achieve your goals. Our team has been trusted to provide trust advice to clients all over Westmoreland County since 1985.
Allow our trusted team of lawyers to provide efficient and personalized trust services today.
If you need highly qualified estate planning services from a staff of experienced legal and financial professionals, call Bononi & Company, P.C., today at 866-343-8555, chat or email to schedule an appointment. Located in Greensburg, Pennsylvania.