Now that the Tax Cuts and Jobs Acts has passed, and the estate tax exemption has been doubled, trusts are no longer advantageous, right? And perhaps, we can look to terminate existing irrevocable trusts, as discussed in “Fixing outdated irrevocable trusts.” The answers are not so simple.
First, revocable trusts have many uses in estate planning, other than to save on taxes, including:
Probate avoidance and savings. Keeping the estate of the trust creator (the settlor) outside of probate. Going…
