Keystone Law Firm - July 2018

IRREVOCABLE TRUSTS AN AVENUE FOR PROTECTION

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Recipe:

One question that our clients frequently ask us is “What is an irrevocable trust?” We know the name sounds ominous, but this legal arrangement is actually a versatile part of your estate planning toolkit. We’ve broken down the basics of this specialized form of trust to

Balsamic Glazed Pork Chops

help you understand its strength and limitations. What’s an Irrevocable Trust?

This flavorful take on pork chops is the perfect centerpiece for your meal. You can serve the chops alongside a

Well, as the name suggests, it is a trust that cannot be revoked. Most trusts can be altered by the grantor as much as he or she wants. In an irrevocable trust, the grantor cannot change the terms of the trust or fire the trustee without the approval of the beneficiaries and all other involved parties. It’s as close as an estate plan can be to being set in stone. What Advantages Does This Trust Have? While an irrevocable trust does limit your ability to change your estate plan, there are many advantages of using it over a standard revocable trust. The primary advantage is that this trust protects assets from the estate tax. Of course, with the estate tax exemption currently set at $11.18 million, most of us mortals don’t have to worry about that in the first place. However, irrevocable trusts can also protect your assets from unforeseen credit problems that occur on the winding road of life. You cannot use this legal avenue as a means of addressing current or imminent debts, however. This is a “just in case” strategy, which is why it’s important to set up an irrevocable trust sooner rather than later. With the cost of nursing homes and long-term care on the rise, forward-thinking people who want to ensure their legacy is left intact should consider this option. Is It Right for Me? That really depends on you and your loved ones. The limited ability to change an irrevocable trust means it isn’t for everyone. Even if you are confident in the terms of the trust you wish to create, there are many moving parts to consider, including your marital status and finances. An experienced estate planner will listen to your unique situation and help you find the best avenue for securing your legacy.

simple salad, charred asparagus, or any other summer veggies you want.

Ingredients

4 boneless pork chops

1 teaspoon crushed red pepper flakes

1/4 cup balsamic vinegar

1 teaspoon fresh thyme

3 tablespoons raw honey

Salt and freshly ground pepper, to taste

2 cloves garlic, minced

Instructions

1. Heat oven to 400 F. 2. Generously season pork chops with salt and pepper. 3. In a saucepan, combine balsamic vinegar, honey, garlic, red pepper flakes, and thyme. 4. Bring to a boil, reduce heat, and simmer gently for 5–6 minutes. 5. On high heat in an oven-safe saute pan or skillet, sear the pork chops for 1–2 minutes on each side. 6. Brush chops with half of glaze and transfer to oven. 7. Roast 6–8 minutes. 8. Remove from oven and brush with another coat of glaze. Let cool 5–10 minutes and serve.

Inspired by paleoleap.com

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