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March 2019 Archives

How irrevocable trusts can be changed

When Florida residents create an irrevocable trust, they generally cannot make changes to the document; after all, it is called "irrevocable" for a reason. Of course, this is one reason why many people prefer to plan using revocable trusts instead. The latter are more flexible instruments and offer options that let people make important changes that reflect different circumstances.

A revocable trust is a valuable estate planning tool

Death is something people do not like thinking about, but not preparing for what will inevitably happen is a less attractive alternative. Controlling where assets will go and avoiding family conflict are two basic goals of estate planning, but there are other possibilities as well. A common misconception among many Florida families is that trusts are tools only for the wealthy and are prohibitively expensive to establish. In fact, a revocable trust can be beneficial for many people who wish to protect their families without costing a fortune.

Kramer A. Litvak, P.A.
226 East Government Street
Pensacola, FL 32502

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