J. L. Williamson Law Group, LLC’s Post

A revocable trust can be changed or dissolved by the grantor during their lifetime, offering flexibility and control. In contrast, an irrevocable trust cannot be altered once established, providing asset protection and tax benefits. Understanding these distinctions is crucial for effective estate planning. https://lnkd.in/g2sjHYkJ #Trusts #EstatePlanning #RevocableTrust #IrrevocableTrust

A revocable trust can be changed or dissolved by the grantor during their lifetime, offering flexibility and control. In contrast, an irrevocable trust cannot be altered once established, providing asset protection and tax benefits. Understanding these distinctions is crucial for effective estate planning. https://lnkd.in/geHQ__CX #Trusts #EstatePlanning #RevocableTrust #IrrevocableTrust

#QuestionofTheDay 💬 Do you currently have an emergency fund? The rule of thumb is to put away at least three to six months' worth of expenses. Progress Accountants, we're here to help 🤝 #EmergencyFund #Savings #ProfessionalServices

Trusts are an excellent way of protecting and holding important family assets. Asset protection, control, flexibility, and tax efficiency are major reasons why more people are using trusts as part of their planning. As part of our trust service, we take the time to understand your situation completely and note those little details about you personally and professionally that allow us to do our job effectively. Modern dynamics vary from family to family, and we can help you plan for the future and navigate tax liabilities to ensure your wealth can be passed down to the next generation as required. Talk to us today about our #trust service https://lnkd.in/gWx2JNa #accountants #sussex

Sentinel Trust serves as trustee, co-trustee, executor, and agent in fiduciary matters. We are qualified as a corporate trustee, chartered by the State of Texas, and under the supervision of the Texas Department of Banking. For wealthy families, trusts are rarely standalone entities. Sentinel Trust thinks about fiduciary administration and investment in the context of the family’s entire multigenerational wealth planning. We embrace complexity and administer trusts that hold complex and illiquid assets such as family businesses, family limited partnerships, real estate, and oil and gas. We often administer trusts where assets include residences and other personal use property that have been placed there for estate tax savings. On multiple occasions, we have coordinated the decanting and reformation of trusts to maximize tax benefits and simplify structures. #sentineltrustcompany #togetherfamiliesprosper #wealthmanagement #multifamilyoffice #investmentstrategy #fiduciary #fiduciaryservices #trustee

Ask again...we DARE you! 😜 Just kidding...😅 But it's true! For many financial advisors, engaging in tax advice is often prohibited because of the potential legal and financial liabilities that are opened up. Unlike investment advice, advisory firms are usually not required to create policies and procedures around properly given tax advice (unless they specifically employ designated tax practitioners), so there is often no clear-cut way to ensure tax advice is given correctly. The more you know! 🌈 *Securities and advisory services offered through Commonwealth Financial Network ®, member FINRA/SIPC, a registered investment adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network ®.

You want to leave your family as comfortable as possible while ensuring your wishes are carried out—and a trust can be a powerful tool for this. However, the differences between types of trusts can be fuzzy. Two of the most common are revocable and irrevocable trusts. So, what are the benefits and disadvantages of each? A revocable trust offers flexibility because you can: - Modify (e.g., contents and beneficiaries) or revoke the trust as circumstances evolve - Designate a successor trustee to manage the trust’s assets if you become incapacitated This makes them suitable for those seeking ongoing control and the ability to adjust the trust. On the other hand, an irrevocable trust (i.e., permanent trust) can: - Shield assets from estate taxes, potentially reducing the overall taxable estate - Qualify the grantor for certain government benefits and protect assets from creditors or legal judgments That said, they’re ideal for individuals prioritizing asset protection or tax reduction strategies. If you’d like personalized guidance on which trust best suits your needs, contact a Cobblestone advisor today: https://lnkd.in/dZnZnF3 #trusts #estateplan #peaceofmind #financialsecurity #financialplanning

Grantor trusts impute the income to the Grantor as the creator of the trust but exclude the trust assets from the Grantor's estate for estate tax purposes. These trusts have become popular lifetime estate planning vehicles. Two of the more popular are Spousal Lifetime Access Trusts (SLATS) and Intentionally Defective Irrevocable Trusts (IDITS). #estateplanning #grantortrusts #trusts #financialplanning #wealth

Sentinel Trust serves as trustee, co-trustee, executor, and agent in fiduciary matters. We are qualified as a corporate trustee, chartered by the State of Texas, and under the supervision of the Texas Department of Banking. For wealthy families, trusts are rarely standalone entities. Sentinel Trust thinks about fiduciary administration and investment in the context of the family’s entire multigenerational wealth planning. We embrace complexity and administer trusts that hold complex and illiquid assets such as family businesses, family limited partnerships, real estate, and oil and gas. We often administer trusts where assets include residences and other personal use property that have been placed there for estate tax savings. On multiple occasions, we have coordinated the decanting and reformation of trusts to maximize tax benefits and simplify structures. #sentineltrustcompany #togetherfamiliesprosper #wealthmanagement #multifamilyoffice #investmentstrategy #fiduciary #fiduciaryservices #trustee

The trustee’s primary role is to manage these assets in the best interest of the beneficiary or beneficiaries, following the stipulations laid out in the trust agreement. This may involve making investment decisions, developing a spending plan, distributing assets, preparing tax returns, maintaining accurate records, and overseeing the life decisions of the beneficiary or beneficiaries. #trustee #assets #beneficiary #taxreturn #QSF #easternpoint