Identify three advantages and three disadvantages of irrevocable living trusts
What will be an ideal response?
Answer: Advantages of irrevocable living trusts include:
? Assets avoid probate.
? No estate taxes are imposed on appreciation of assets when you die.
? Income earned on assets can be directed to the beneficiary, which can result in tax savings if the beneficiary is in a lower tax bracket.
Disadvantages of irrevocable living trusts include:
? There is no control over assets in the trust
? Assets cannot be used for loan collateral.
? The cost of setting up the irrevocable trust may be more than the probate costs you are trying to avoid.
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