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Trusts: Revocable Trusts v. Irrevocable Trusts
Trusts have become the most preferred means of passing on and preserving family wealth in many states. Wills are certainly still used, but popularity varies. Trusts are preferred in South Carolina because of the Probate Process. Here we discuss two types of trusts, Revocable and Irrevocable.
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Elder Law & Estate Planning Center
Brian T. Treacy, LLC
The Elder Law & Estate Planning Center (located in Bluffton , South Carolina) is a full service South Carolina Estate Planning Law Firm. Elder Law & Estate Planning focuses on fundamental estate planning, Elder Law, Veterans benefits, wills & trust planning, powers of attorney, Medicaid application & qualification, long-term care planning, probate & estate administration, Medicaid crisis planning, special needs & disability planning, Aid & Attendance qualification, charitable planning, estate tax planning, and asset protection. Elder Law & Estate Planning services families and individuals throughout Bluffton, Beaufort, Hilton Head, and Hardeeville, SC
Trusts: How to Choose a Trustee
A trust is a legal arrangement where a "Trustee" holds legal title to property for another person, called the "Beneficiary". When you create a trust, regardless of the type, you will need to appointment someone or institution to be the Trustee. The type of trust you will create will determine is needed name or in the future.
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Trusts: Special Needs Trusts
All parents worry about their kids, but it is even more stressful for parents who know their child cannot take care of themselves, due to a mental or physical disability. Parents with special needs children need to have a plan in place for the future that will ensure resources are available to children who will need long term care.
Trusts: Unfunded Trusts are Useless Trusts
A Revocable Living Trust is created to avoid probate. An Ipug Trust is designed to avoid probate and protect assets. A Special Needs trust is created to protect children with disabilities. None of these trusts will be effective in achieving their purpose unless they are funded. Funding your Trust is vital.
Trusts: Revocable Living Trusts
A Trust is a contract between the Grantor (the person creating the trust) and the Trustee (the person controlling the trust) and the Beneficiaries (the people entitled to benefit from the trust). You, as Grantor, determine how the trust will be operated by the Trustee, who benefits, and how and when.
Brian T. Treacy,
Rebekah N. Freeman,