Protecting personal assets involves strategic planning using legal structures like LLCs (Limited Liability Companies) and trusts. Comparing a living trust (also known as a revocable trust) with other estate planning options involves looking at goals like asset management, probate avoidance, privacy, tax planning, and asset protection. Here’s how living trusts stack up against other common estate planning tools:
1. Living Trust (Revocable Trust) Pros: Cons: 2. Will Pros: Cons: 3. Irrevocable Trust Pros: Cons: 4. Joint Ownership with
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