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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
November/December 2024
Revocable vs Irrevocable Trusts
With this issue, we continue our trust segment with revocable and irrevocable trusts. Each serves a different purpose in estate planning. Your legal and financial professionals can give you more details.
Protecting Family Privacy
Once filed with the probate court, your will becomes a public record. Probate is the legal process for reviewing the assets of a deceased person and determining inheritors. The process can be lengthy (sometimes years) and costly for large estates. Revocable trusts are usually used to remove specified assets, such as real estate, financial assets, life insurance, valuable personal property, mineral rights, and appreciating collections, from your will to avoid probate.With a revocable trust, you, as the grantor, can change the trust by written amendment at any time during your lifetime as your financial and estate needs or desires change. Another feature is that placing your assets in a revocable trust will help protect them should you become incapacitated.
Minimizing Taxes
As the name indicates, an irrevocable trust generally can't be changed once it's established unless a court permits it to be amended, usually only with the consent of the impacted trust beneficiaries. With this trust, you transfer all ownership of assets into the trust and legally give up all ownership rights to the assets and the trust.Uses include removing assets from your estate for estate-tax purposes, preventing beneficiaries from misusing assets, gifting assets to the estate while retaining income from the assets, removing appreciable assets from your estate while providing beneficiaries with a step-up basis in valuing the assets for tax purposes and gifting a principal residence to children under more favorable tax rules.
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
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CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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