THE FIVE GOALS OF ESTATE PLANNING ARE AS FOLLOWS:

-MINIMIZE INTERFERENCE FROM THE LEGAL SYSTEM (Probate, Administration, Guardianships etc

-MINIMIZE TAXATION (Income, Estate & Gift etc)

-ASSET PROTECTION FOR BENEFICIARIES

-PROVIDE FOR LONG TERM CARE SO ONE DOES NOT OUTLIVE HIS OR HER MONEY

-HONOR THE FAMILY DYNAMIC

A Trust can address many of these estate planning objectives.

1. Which of the 5 estate planning goals can be addressed by a Revocable Living Trust?
2. Which of the 5 estate planning goals can not be addressed by a Revocable Living Trust? Why?
3. How does an Irrevocable Trust accomplish the goals not addressed by the Revocable Living Trust?
4. Why would one creating a trust prefer the Revocable Trust over the Irrevocable Trust?