Irrevocable Trust

Wednesday, May 31, 2017

A Look at Irrevocable Trusts

Should my estate plan include an irrevocable trust?

While clients often come to us for assistance with creating a will, we also design estate plans that consider other estate planning objectives, particularly asset protection, minimizing taxes, and providing for loved ones. In these situations, many individuals are well served by establishing an irrevocable trust.

What is an Irrevocable Trust?

An irrevocable trust is one that becomes effective during a person's lifetime, however, unlike a revocable trust, it cannot be amended or modified. The trust maker (or grantor) permanently transfers property into the trust so that he or she no longer owns the property. Instead, a trustee is designated to manage the assets for the beneficiaries.

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