Tag: revocable trust. family trust

#16 of 25 Common Estate Planning Mistakes – Irrevocable

Failing to Consider Using an Irrevocable Trust Revocable living trusts are designed to avoid probate. They can also eliminate the need to have a guardian appointed if you become incapacitated. They do not, however, protect assets from creditors or shield them from the Medicaid spend down process. Irrevocable trusts, however, if properly drafted and funded, can do both. If either of those […]

#10 of 25 Common Estate Planning Mistakes

Not Discussing Your Estate Plan with Your Family Many people make the critical error of not discussing their estate planning, and why certain choices were made, with their family prior to their passing. Communication is especially important when your plan includes unequal asset distributions among your children. A failure to communicate often causes hurt feelings […]