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Aug 6th, 2022
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How to Finish result in the Revocable Living Trust

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Hi Lee Phillips here. Welcome to my YouTube channel. This probably isnt your first video but its not my first rodeo either, so there we go. Dont forget to subscribe and tell your friends to subscribe too because we give new information all the time. Today I want to talk about how to end a revocable trust. a revocable trust is the one that youre going to set up to do your estate planning. You have one, mom and dad has one, everybody has one. Ending a revocable trust is easy because it says that its revocable you can get rid of it you can do whatever you want with it but theres a practical aspect to ending it also and that is you have to basically move the assets out of the trust. Now most people are too uneducated or I was gonna say dumb or whatever to put the assets into the trusts so the trust doesnt work for them anyway. It doesnt avoid probate. In order to avoid probate and thats another YouTube video the trust has to own the assets. Well, if you want to get rid of the t

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Some of the Cons of a Revocable Trust Shifting assets into a revocable trust wont save income or estate taxes. No asset protection. Although assets held in an irrevocable trust are generally beyond the docHub of creditors, thats not true with a revocable trust.
Money taken from a trust is subject to different taxation than funds from ordinary investment accounts. Trust beneficiaries must pay taxes on income and other distributions that they receive from the trust. Trust beneficiaries dont have to pay taxes on returned principal from the trusts assets.
A revocable trust provides a way to ensure the continued management and preservation of your assets, should you die or become incapacitated, and allows the avoidance of a probate court proceeding after your death.
A revocable trust provides a way to ensure the continued management and preservation of your assets, should you die or become incapacitated, and allows the avoidance of a probate court proceeding after your death.
Revocable trusts last as long as you want them to and can be canceled at any time. At the time of your death, a revocable trust becomes irrevocable. Irrevocable trusts are permanent. They last for your entire lifetime and after youve passed.
A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually cant be changed without a court order or the approval of all the trusts beneficiaries. This makes an irrevocable trust less flexible.
A revocable trust is a will substitute, meaning that title of assets in the trust is transferred during the lifetime of the donor even though the benefits of the assets are not enjoyed by the beneficiary until after the death of the donor.
Some of the Cons of a Revocable Trust Shifting assets into a revocable trust wont save income or estate taxes. No asset protection. Although assets held in an irrevocable trust are generally beyond the docHub of creditors, thats not true with a revocable trust.

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