Attorney-CPA Joe Cordell and co-host Jill Enders chat with TuckerAllen estate planning attorney Nina Windsor about the most essential things to know about revocable trusts.
Ms. Windsor discusses how to take inventory of assets; the differences between a will, revocable trust, and irrevocable trust; the factors that determine which of the three is a good fit for a client; the benefits of a revocable trust compared to an irrevocable trust; the disadvantages of revocable and irrevocable trusts; how she advises clients when choosing a trustee; the pros and cons of using a financial institution as a trustee; whether an attorney who creates the trust can serve as trustee; how to decide whether to set up lifetime or sub-trusts for the beneficiaries of a revocable trust vs. outright distributions; whether assets in a revocable trust are vulnerable if a person is being sued; whether a revocable trust can be legally challenged after a person’s death; whether it is possible to name a charity as a beneficiary to a trust and whether there is a tax advantage for the grantor; the celebrity estate planning mishaps of Robin Williams and Phillip Seymour Hoffman; and more.
If you have any questions about estate planning or elder law, get in touch with an attorney at TuckerAllen.
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