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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
November/December 2024
Revocable vs Irrevocable Trusts
With this issue, we continue our trust segment with revocable and irrevocable trusts. Each serves a different purpose in estate planning. Your legal and financial professionals can give you more details.
Protecting Family Privacy
Once filed with the probate court, your will becomes a public record. Probate is the legal process for reviewing the assets of a deceased person and determining inheritors. The process can be lengthy (sometimes years) and costly for large estates. Revocable trusts are usually used to remove specified assets, such as real estate, financial assets, life insurance, valuable personal property, mineral rights, and appreciating collections, from your will to avoid probate.With a revocable trust, you, as the grantor, can change the trust by written amendment at any time during your lifetime as your financial and estate needs or desires change. Another feature is that placing your assets in a revocable trust will help protect them should you become incapacitated.
Minimizing Taxes
As the name indicates, an irrevocable trust generally can't be changed once it's established unless a court permits it to be amended, usually only with the consent of the impacted trust beneficiaries. With this trust, you transfer all ownership of assets into the trust and legally give up all ownership rights to the assets and the trust.Uses include removing assets from your estate for estate-tax purposes, preventing beneficiaries from misusing assets, gifting assets to the estate while retaining income from the assets, removing appreciable assets from your estate while providing beneficiaries with a step-up basis in valuing the assets for tax purposes and gifting a principal residence to children under more favorable tax rules.
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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