Maintain control and protect your assets from unnecessary taxes, lawsuits and other costs associated with long-term care by utilizing the estate planning services of The Mayo Law Firm. Depending on your needs, our experts can help set up both revocable and irrevocable trusts.
What is a Revocable Trust?
This type of trust allows the grantor to remain in complete control over their assets. A revocable trust can be amended or revoked at will by the grantor and is included in estate taxes.
What is an Irrevocable Trust?
Unlike the trust above, an irrevocable trust can not be altered or terminated without the permission of the beneficiary. In this type of trust, the grantor effectively renounces all ownership to the assets and the trust.