Editor’s note: This is part three of an ongoing series about using trusts and LLCs in estate planning, asset protection and tax planning. The effectiveness of these powerful tools — especially for asset protection and tax planning — depends very much on how they are configured to work together and whether certain types of control over assets and property are surrendered by the property owner. Part one is To Avoid Probate, Use Trusts for Estate Planning. Part two is How Quitclaim Deeds Can Cause Estate Planning Catastrophes.
Revocable trusts are much more common than irrevocable trusts because they provide many important estate planning benefits.
