Beth is a widower who consulted Gary, a CFP$$ professional, for advice with respect to her financial and estate planning goals. Beth told Gary that she has just updated her estate plan and has executed a will and a trust, a durable power of attorney, health care power of attorney and a health care proxy. Beth reports that she is the trustee of her trust while she is alive and has named her son Carter as the successor trustee. She also reports that she is a trust beneficiary while she is alive. Beth does not understand her estate plan and wants Gary to help her understand it$.$

In addition, following is a list of assets Beth presented to Gary.

Life insurance valued at $$1,000,000$ her children are named as the beneficiaries.

Stock account in her name alone $-$ $$1,500,000.$

A rollover IRA which she created following Gary$$s death worth $$750,000$ her children are named as the beneficiaries.

A mutual fund account titled JTWROS with Carter valued at $$750,000.$

Her home which she owns in her name alone valued at $$600,000.$

Comment as to the validity of the following statements and$/$or answer questions:

Beth has executed what type of trust? At what point would Beth not be able to change the terms of her trust? Make sure you cover at least $2$ types of trusts in your response.

Any assets that Beth places in the trust during her lifetime will not be subject to probate and will not be included in her taxable estate at her death.

If Beth becomes incapacitated and Carter serves as successor trustee she has made a taxable gift to Carter.

The durable power of attorney will allow Carter to assume management of any trust owned assets when Beth becomes incapacitated.

Which assets might Gary recommend Beth transfer to her Trust while she is still alive so that they will not be subject to probate?