If you have been researching living trusts you have probably seen the terms “revocable” and “irrevocable” trusts thrown around. Although there are a few similarities between the two, they are actually very different types of trusts used for different purposes.
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A Quick Overview of Trusts
Trusts are essentially estate planning vehicles that allow the trust maker, or “grantor,” to seamlessly transfer control of assets to beneficiaries should the grantor pass away or become otherwise incapacitated. Once a trust is created the grantor can transfer the ownership of their assets from themselves to the trust.
If you’re asking yourself that question, the answer is likely “yes.” Will the world end if you don’t have one? No, it won’t, but an estate plan is a valuable tool that can actually improve your quality of life. Most people, especially those with families, worry about what the future may hold.
Depending on your parents, discussions regarding estate plans can be either easy or hard. Some people are lucky in that their parents may be at a stage of their life where they’re willing to accept some help and guidance from their adult children. Others may be resistant, which will likely make everything from gaining power of attorney to helping them find in-home assistance or a care facility difficult.
The Centers for Disease Control says the number of people dying from Alzheimer's Disease has jumped 54.5 percent since 1999. Data also show that an increasing number of those that died of the illness did so at home instead of in hospitals and other medical facilities. In 2014, 24.9 percent of Alzheimer's patients died at home compared to 13.9 percent in 1999. According to the CDC, Alzheimer’s disease currently affects an estimated 5.5 million adults in the U.S. and...Continue Reading