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If you want to move money around, use a revocable trust

All trusts are not created equal. They all give you different financial options, and they come with their own advantages and disadvantages, depending on your situation.

For instance, maybe your goal is to reduce the tax burden on your estate as much as possible. If so, you may want to use an irrevocable trust. You will need to pick someone else as the trustee, though, and the money leaves your possession. They will administer the trust, and you cannot change it after the fact.

Maybe your goal is to maintain control. You want to move money around in the future, and you think you may need to pull money back out of the trust. If so, then you may want to use a revocable trust. Often, the tax benefits are not as substantial, but you still retain control. You can administer the trust yourself while you're still alive. You can take money out of it or cancel the trust entirely.

These are just two examples, focusing on the broadest differences. You also want to consider the specifics of things like life insurance trusts, college education trusts, business-oriented trusts, incentive trusts, age-based trusts and much more. No matter what your family situation looks like or what your goals are, there is probably a trust that is right for you. The key is to figure out exactly which one it is before you create it.

As you work your way through this process, make sure you understand what legal steps to take. You do not want to make any mistakes when it comes to your money and your estate.

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Law Office of Suzanne P. Nicholl, PC
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