John H. Ruby Estate Planning Law Blog on Lawyers.com

Louisville Revocable Trusts and Irrevocable Trusts

Friday, September 11, 2009 by John H. Ruby

Photo of John H. Ruby

Different Types of Trust Formation

Your estate plan may benefit from the formation of a revocable or irrevocable trust if you wish to avoid probate or need certain guarantees as to how your legacy continues:

  • Privacy
  • Asset protection
  • Investment uses
  • Tax planning
  • Ownership structure

John H. Ruby & Associates advises clients on the differences between revocable trusts, Louisville trust funds, irrevocable trusts, so that your beneficiaries receive the maximum possible from your estate.

Forming Louisville Revocable Living Trusts

A revocable trust is a written instrument that transfers property for your benefit while you are alive and for the benefit of people you name after you pass.

During your lifetime, you have complete control over the property in your revocable living trust:

  • You are the trustee.
  • You name the successor trustee who takes over upon your passing.
  • You have full power to change or amend the trust.
  • You have full power to revoke the trust.

In many instances, the costs associated with forming a Louisville trust fund are much lower than the costs of probate. The details of your revocable living trust stay private, too.

John H. Ruby & Associates can explain why revocable trusts may be an appropriate estate planning vehicle for you.

Forming a Irrevocable Trust

Irrevocable trusts offer less flexibility than a revocable trust, but the benefits are more appropriate for certain circumstances:

  • Life insurance planning
  • Education expenses for minor children
  • Other specified expenses for minor children
  • Avoidance of taxes on future-interest gifts

When you form an irrevocable trust, you give up ownership and control of the entrusted property.

Article By:

John H. Ruby & Associates
2950 Breckenridge Lane
Louisville, KY 40220
888-314-8437

 
Posted at 15:01 PM
Topic: Estate Planning
Lawyers.com Blog

Lawyers.comSM Blog

Get an inside view of
Lawyers.com

Blog Topics

Bloggers

Archives

Recent...