How do you decide if a revocable or irrevocable Trust is correct for you?
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How do you decide if a revocable or irrevocable Trust is correct for you?
Asked on October 12, 2013 under Estate Planning, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
With a revocable trust, you maintain control over the assets to a degree you cannnot with an irrevocable trust. On the other hand, with a revocable trust, the tax consequences are very different, as is how the trust is handled on your death--that's because due to the revocable nature of the trust, the assets in it are effectively still yours and have not been alienated from you. A revocable trust and an irrevocable trust are therefore entirely different animals; which is better depends on your goals and the circumstances. This is not a question for which there is a one-size-fits all answer; you should consult with a trusts-and-estates attorney and possible also a CPA to decide which better meets your needs.
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