Revocable and Irrevocable Trusts
Asset Protection Trust Attorney - We can Help Secure Your Future
Estate Planning Attorney with over 15 years of experience, specializing in revocable and irrevocable Trusts, Asset Protection Trusts, and Wealth Preservation. We assist clients with both simple and complex estate planning in Bucks County and Northeast Philadelphia.
Difference Between Revocable and Irrevocable Trusts
The type of Trust you choose will depend on various factors, including your estate planning goals, asset protection needs and tax strategy.
- Revocable Trusts – Allows more financial flexibility
A Revocable Trust is a great option for individuals who want complete control over their assets. These trusts can be modified or revoked by the Grantor at any time during their lifetime. Upon the Grantor’s death, the revocable trust becomes irrevocable because it can no longer be altered.
- Irrevocable Trusts – Offers Maximum Protection & Tax Benefits
An Irrevocable Trust is great for asset protection, estate tax reduction, and long-term financial security. Once established, these usually cannot be changed by the Grantor.
It is essential to understand the implications of setting up a Trust and how it can benefit your estate plan. The decision to use a Trust may depend on your plans for asset distribution after your death and how much control you wish to maintain over your assets during your lifetime.
There are trusts for real estate, investments, business interests, life insurance policies and retirement plans. If you are married, and this a second marriage, a Trust can provide for your spouse and children from the first marriage as well. Some Trusts also provide tax benefits, but the interaction of the legal rules and Internal Revenue Code is complex.
Types of Trusts for Estate Planning
At The Law Offices of Leo Mikityanskiy, we offer customized Trust solutions to meet your financial goals:
- Living Trusts and Testamentary Trusts.
- Family Asset Protection Trusts – shields assets from creditors, lawsuits and divorce.
- Business Interests Trusts – holding subchapter-S corporation stock or LLC partnership interests.
- Bypass Trusts (Credit Shelter Trusts).
- Qualified Terminable Interest Property (QTIP) Trusts.
- Irrevocable Life Insurance Trusts (ILIT).
- Gift trusts, including Crummey Trusts.
- Charitable trusts for contributions to religious and nonprofit organizations.
- Estate tax and income tax advantage trusts.
- Medicaid Asset Protection Trust.
- Special Needs Trusts for individuals receiving disability benefits like SSI and/or Medical Assistance.
Contact Us Today to get Started on Asset Protection Planning for your Family
Now is the time to start planning your future. Proper estate planning ensures asset protection, financial security, and a smooth transition of wealth.
If you are looking for a professional attorney to assist with your Asset Protection Trust, please contact attorney Leonid Mikityanskiy today at 215-357-1400 to schedule an appointment at our Southampton, PA office.