A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the consent of the beneficiaries.
Revocable Trust | Irrevocable Trust:
The two basic types of trusts are revocable trust, also known as revocable living trust or simply a living trust. and a irrevocable trust. Revocable trusts are trusts that can be changed at any time. An irrevocable trust cannot be modified after it is created without consent of the beneficiaries.
A trust is a legal entity set up to manage assets. Once the trust is set up and assets are in place, a third party known as a trustee, manages the trust. The trustee will determine how the assets are invested and to whom they are distributed to, once the owner of the trust has passed away. The trustee must manage the trust in accordance with the guidelines laid out when the trust was created.
Revocable (Living) Trust:
A revocable trust may be changed at any time. Beneficiaries can be removed or added, and the stipulations as to how the assets are managed may be modified. However, the assets managed in the trusts are not shielded from creditors in the same way they are shielded in an irrevocable trust. If the owner of the trust is sued, the assets can be ordered liquidated to satisfy judgments put forth. When the owner of the revocable trust dies, the assets are held in trust are subject to both state and federal estate taxes.
Irrevocable Trust:
Except under very rare circumstances, the terms set in an irrevocable trust are unchangeable once the agreement is signed. The benefits of selecting an irrevocable trust mainly lies in the tax benefits. Irrevocable trusts remove the assets from the benefactor’s taxable estate, meaning the assets are not subject to estate tax upon death, and they relieve the benefactor of tax responsibility for any income generated by the assets.
Blog Articles | Revocable and Irrevocable Trusts
Additional Blog Articles | Tyler Allen Law Firm
The end of the year is when Arizona businesses finally slow down long enough to look closely at their workplace practices, and it’s also when employees start paying attention to how they were treated over the past twelve months. December has a way of exposing everything people ignored during the rest of the year — outdated policies, missing training, pay issues, and disputes that never quite got resolved. Whether you run a business or work for one, year-end changes in employment law matter because they determine what rights and obligations both sides walk into January with.
Every year, Arizona homeowners settle into the holiday season thinking about lights, inflatables, and a little extra cheer — and every year, someone is surprised by an HOA notice on their door. It almost always catches people off guard. The decorations feel harmless. Nothing about the holiday spirit seems like it should trigger a rule violation. But HOAs regulate exterior appearance more closely than most people realize, and the holidays are when those rules collide most often with everyday life.
The end of the year is when Arizona businesses finally slow down long enough to look closely at their workplace practices, and it’s also when employees start paying attention to how they were treated over the past twelve months. December has a way of exposing everything people ignored during the rest of the year — outdated policies, missing training, pay issues, and disputes that never quite got resolved. Whether you run a business or work for one, year-end changes in employment law matter because they determine what rights and obligations both sides walk into January with.
The holidays have a way of bringing families together and reminding us what truly matters. Between the travel, the meals, and the conversations that stretch late into the evening, it is also a time when many people think about the bigger picture. This is when questions about the future tend to surface. Who will make decisions if I cannot? Are my wishes written down somewhere? Have I made things as easy as possible for my family?
When someone decides to buy an existing company in Arizona, one of the first legal questions that comes up is how the deal will be structured. There are two main options: an asset purchase or a business purchase. They sound similar, but they work very differently and carry very different risks.
Choosing a trustee is one of the most important decisions you will make when creating a trust. A trustee is the person or institution you appoint to manage the assets in your trust and to carry out your instructions when you can no longer do so. The role is a serious one. The trustee has a legal duty to act in the best interest of your beneficiaries, to manage trust property responsibly, and to follow the terms you have written.
As the year winds down, Arizona business owners are busy wrapping up projects, closing out books, and trying to get a few quiet days before the holidays. It’s easy to focus on what’s in front of you, like client work, payroll, and planning for the next quarter. Before the calendar turns, it’s worth taking a moment to make sure your business is actually in good standing with the Arizona Corporation Commission.
As the year winds down, many Arizona employees are preparing for annual performance reviews. These meetings can shape your pay, promotions, and even job security. While your employer may frame the review as a casual check-in, it’s also a formal record that can affect your future. Here’s how to approach it with both professionalism and legal awareness.
Probate can feel like a maze. For families in Arizona, especially in Maricopa County, the process is often confusing, time-sensitive, and full of technical rules that aren’t obvious from the outside. Families stumble into the same traps again and again. These mistakes don’t just delay closing an estate — they can lead to personal liability, extra court hearings, or even lawsuits.
Beneficiary designations seem simple: you add a child or loved one to your bank account, retirement plan, or life insurance policy, and you assume your planning is done. While these forms do play an important role in estate planning, relying on them alone can create unintended consequences, disputes, and even court involvement.