Irrevocable trust forms are sometimes used by individuals to set up a trust without seeking legal advice to save money. We offer a free phone consultation and we encourage you to take advantage of this before starting the process all by yourself.
An Irrevocable Trust is a trust that cannot be altered or terminated by the settlor once created. In most states, trusts are presumed irrevocable unless otherwise stated. The assets in it are no longer yours, and typically you can’t make changes without the beneficiary’s consent. But the appreciated assets in the trust aren’t subject to estate taxes. This type of Trust is not commonly used in Estate Planning because it does not allow the grantor to take property back or change the terms of the Trust.
The tax advantages of irrevocable trusts mainly exist for the very well off. For the rest of us, irrevocable trusts are mainly of value for addressing special circumstances, such as providing for the continued support of a disabled dependent or protecting assets from professional liability.
Irrevocable trust forms can get complicated. You might also turn to an irrevocable trust to protect assets from creditors, but only if you are thinking way ahead and put assets in the trust before you have credit problems. However, if you are trying to stay a step ahead of an emerging legal or credit situation, creating an irrevocable trust could be interpreted as a fraudulent conveyance.
We would love to talk with you. Please contact our Law Firm directly and we will be happy to offer you a complimentary phone consultation.