It's counter-intuitive, we know: irrevocable trusts are revocable (and amendable). Unfortunately, irrevocability is a malicious myth. The uninformed could spend years relying on an old, out-of-date trust that could be updated and improved without too much effort. Yes, the so-called "irrevocable trusts" absolutely can be, and often should be, modified.

In this issue, we'll identify:

• 10 reasons you may want to modify your irrevocable trust
• Ways to modify your irrevocable trust
• Circumstances when trust modification should be considered
• When to contact our office to have your trust reviewed for potential modification

It's graduation time, which means your "baby" is all grown up and preparing to head out into the real world.

 

But before your son or daughter packs up for summer vacation or even their first semester of college, I want you to think about what it means having a child who is an "adult" in the eyes of the law.

 

From a legal standpoint, I can tell you that it means you'll now need written permission to make important medical or financial decisions on his or her behalf.