What information is included in a trust accounting? What happens if the trustee breaches their fiduciary duty?

In the case of a revocable trust, the whole trust is your resource. - In the case of an irrevocable trust, if there are any circumstances under which ... Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets. These revocable trusts generally become irrevocable on the settlor's incapacity or death. Once a revocable trust becomes irrevocable, it is generally subject to ... An irrevocable trust is simply the opposite – it cannot be modified or terminated after it's been signed. The irrevocable trust requires the full relinquishment and control over transferred assets. This may affect a parent's decision to put a child's inheritance in ... Feb 20, 2025 ... An irrevocable trust affords you and your loved ones certain protections that other estate planning measures might not. Sep 18, 2019 ... When setting up an irrevocable trust, choose a location – or situs – where the state laws are favorable to your long-term vision. For example, the individual must transfer their assets into the trust at least five years before applying for Medicaid in order to protect the asset (more on ... Dec 20, 2019 ... Revocable trusts can be revoked. Resources held in a revocable trust are an available resource. Transfers from resources held in a revocable ... An irrevocable trust is a trust that cannot be changed or amended without court permission, and sets up a legal wall of separation between a person and the ...