When is a Revocable Trust Right for You?
Do you want to shield property from estate taxes? Do you want more of your assets to go to your loved ones upon your death? Do you want your grandchildren to inherit part of your estate? Do you want to save the people in your life from suffering more grief after you're gone? If you said yes to any or all of these questions, then a trust may be right for you.
Colorado attorneys Diedre and Bennett Braverman have assisted people in creating trusts and living wills for over 15 years. Our husband and wife team of estate planning lawyers can customize your trust to meet your needs.
Call Braverman Law Group, LLC, in Boulder Valley at (303) 800-1588 for your free consultation.What is the Difference Between a Revocable Trust and an Irrevocable Trust?
Both of these trusts can be called living trusts as long as you are still alive. Upon someone's death, a revocable trust automatically turns into an irrevocable trust.
Revocable trust — A revocable trust allows you to make changes to amend or revoke the items listed in the trust while you are still alive and competent to make changes. This can be useful when creating estate plans earlier in your life because there is more time for things to change that could impact the plans you have made. Possible life events creating a need for changes include a divorce, remarriage, birth of children or death of someone named in the trust, to name a few.
Irrevocable trust — This trust is set up by you, the settlor, so that a trustee takes over control of the assets and property as soon as the document goes into effect. Doing this means you no longer own the assets so they are protected from taxes.Make Your Appointment with Skilled Counsel Today
The local attorneys at Braverman Law Group, LLC, have assisted people in setting up revocable trusts for more than 15 years. Their patient guidance will ensure you know all of the options available to you, so you can come up with a trust that meets your needs. This thoughtful approach gives our clients peace of mind. Call to schedule your free consultation today at (303) 800-1588, or email our state planning law firm to make your appointment.