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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.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.
GE-6952366.1(8/24)(Exp.9/26)
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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.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
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