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Ep. 12: Irrevocable Trusts 101: Understanding the Basics and Beyond
Manage episode 358617336 series 3428945
Treść dostarczona przez Ted Gudorf, Gudorf Law Group, Ted Gudorf, and Gudorf Law Group. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Ted Gudorf, Gudorf Law Group, Ted Gudorf, and Gudorf Law Group lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
There’s often a lot of confusion between the different types of irrevocable trusts, even as more and more people are forming them today.
A trust is a relationship between a trust-maker and a trustee, and there are specific terms that the trustee is expected to follow. As a general rule, a trust can either be revocable or irrevocable.
A revocable trust is one in which the trust can be revoked within the lifetime of the trust-maker. An irrevocable trust is one that cannot be revoked, which means the trust-maker cannot directly take back the assets that they placed in the trust.
In this episode of Repair the Roof, Attorney Ted Gudorf explores the three types of irrevocable trusts: estate tax irrevocable trusts, asset protection trusts, and Medicaid asset protection trusts.
Key Topics:
- What is a “trust”? (0:29)
- Similarities between revocable trusts and irrevocable trusts (2:19)
- Differences between revocable trusts and irrevocable trusts (4:17)
- Grantor trusts (04:43)
- Type 1: Estate tax irrevocable trust (06:37)
- Type 2: Asset protection trust (08:21)
- Type 3: Medicaid asset protection trust (11:32)
- Removing trustees through a trust protector/advisor (15:37)
Resources:
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