Irrevocable trusts are an integral component of estate planning, protection of properties, and planning for tax avoidance. Irrevocable trusts, once just a tool for the wealthy and influential, and the safety they offer, are now open to all. Since it takes time to learn their use, many estate planners do not use irrevocable trusts. It is a mistake to ignore trusts as an estate-planning method, as these versatile instruments can be a valuable part of the estate plan of almost anyone.
At the Law Office of John Vernon Moore, P.A., our experienced estate planning attorney in Melbourne, Florida provide comprehensive irrevocable trust advice and drafting that offers peace of mind.
What Is an Irrevocable Trust?
Put simply, an irrevocable trust is a trust which, without the permission of the trustee and the beneficiary, can neither be changed nor terminated. The grantor (the creator of the trust) distributes assets into the trust is an irrevocable trust and then fully eliminates all ownership and control rights after the asset transfer is complete. This is distinct from a revocable trust, which can be changed at any point by its creator.
Advantages of an Irrevocable Trust
Irrevocable trusts are also used to provide the vulnerable with asset protection and to ensure that a trust stays in place even though conditions change. Irrevocable trusts are highly beneficial for the following:
- Elderly people having high net worth and are concerned about being conned into making changes to an established trust that would lead to a fraudulent loss of assets; and
- Parents who are wealthy and elderly or widowed and who want to make sure that a trust will stay in force for their children and that a new spouse or other parties will not divert them.
It should also be remembered that there are additional advantages to irrevocable trusts. These trusts, for instance, protects from creditors, may be used to minimize taxes, and are an important tool for those who wish to provide for children, loved ones, or those with special needs.
Establish an Irrevocable Trust today with our Attorney
If you want to secure your properties or your loved one’s right to an inheritance, one of the best things you can do is to establish an irrevocable living trust. We know you’ve got a lot of questions; we’ve got the answers you want.
For a consultation with our law office, please call us directly today, or send us a message telling us more about your needs and your questions.
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