William Byrnes' Tax, Wealth, and Risk Intelligence

Why is this Topic Important to Wealth Managers?   Provides a view with respect to revocable trust concepts and estate planning.  Presents identifying factors of the trust, what it’s commonly used for, as well as some of the benefits and detriments of its implementation. 

This week has mainly discussed the use of trusts with characteristics of complete transfers by grantors.  This edition will explore the revocable nature of trusts and how they are applicable to estate planning. 

The main difference between a revocable trust and one that is not, is that “the settlor reserves the right to terminate the trust and recover the trust property and any undistributed income.”  “The creation of a revocable living trust involves either the transfer of property to one or more trustees or the settlor’s declaration that he holds the property in trust for himself and that upon his death the property is to be held for other beneficiaries.”

For the complete blogticle and its analysis, see AdvisorFYI.