One of the most common reasons to seek out trust options is for the purposes of passing assets on to children.

The trust is put into place to provide for the future of the children while enacting provisions that limit the options they have for the money. This reduces the chance of an unwanted outcome that the gift of a lump sum of money can trigger, such as the children spending all of the money quickly. An irrevocable trust for children truly protects their financial future.

If the trust is irrevocable, the trust is put into place while you are alive but the grantor cannot alter the terms of the trust or take beneficiary names off of the trust documents. A revocable trust, however, can be amended as long as the grantor is still alive. One issue to remember with a revocable trust is that it will avoid probate but is not guaranteed to avoid federal taxes. READ MORE


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