If you have a Trust, what is involved in having it switch over to a Castle Trust?
This is a question from one of our Weekly Webinars.

A Castle Trust is completely different from a Revocable Living Trust. What needs to be done is first, create a Castle Trust then move the assets from the old Trust to the new Trust.

Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm. Register via this link or give our office a call at 844-885-4200.

Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.

Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy.

With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blueprint Process.

For more info visit:
https://castlewealthlegal.com/home
https://michiganestateplanning.com/

Episode Transcript

Revocable Trust to Castle Trust

If you have a Trust, what is involved in having it switched over to a Castle Trust?

Welcome to Berry’s Bites. Please join our host, Attorney and Financial Advisor Chris Berry.

So if you have a Revocable Trust, what is involved if you were to switch over to a Castle Trust? Just think about it like this, we have our Revocable Living Trust, or Legacy Trust, and we have our stuff here. Well, understand that a Castle Trust is a completely different type of Trust. So A, we have to create the Trust, and then B, we have to move the assets from the old Trust to the new Trust.

So we have a lot of clients that maybe they did a Revocable Trust say 10 years ago, 2010, when they’re just concerned about avoiding probate. Now it’s 2021, now we want to avoid probate, but also we want to build in the protection from long-term care, or building the creditor protection. It’s a typical, I guess, lifecycle we see in terms of legal planning is a lot of times when we have that first child we set up that will based estate plan to name guardians, or maybe we have a basic Revocable Trust that says it goes out right to the kids once they reach 25. And then as we get older, then we accumulate more wealth, than maybe we see who our kids are marrying, and now we have in-laws, and that type of thing. And then maybe we’re around retirement age, and we’ve accumulated wealth, we have a nest egg, now we want to protect it from creditors, and getting in car accidents, and the big thing being long-term care costs, now we upgrade and go to the Castle Trust.