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An irrevocable trust takes away your control of your assets. But if you have money or property you plan to hold onto, specifically for your heirs, an irrevocable trust can help protect those assets.
A residence trust is another form of irrevocable trust because only irrevocable trusts can shield assets from estate taxes. Here, you put property such as a home into the trust’s name.
The post Differences Between a Living Trust and a Will in Texas appeared first on SmartReads by SmartAsset. Skip to main content. Sign in. Mail. 24/7 Help ...
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A spendthrift provision creates an irrevocable trust preventing creditors from attaching the interest of the beneficiary in the trust before that interest (cash or property) is actually distributed to him or her. Most well-drafted irrevocable trusts contain spendthrift provisions even though the beneficiaries are not known to be spendthrifts.
Estate planning is a crucial part of any holistic financial plan. As a financial advisor, you could direct your clients to an estate planning attorney for guidance in this area, but while ...
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