Why It's Important to Have an Irrevocable Trust AttorneyAnyone considering placing assets in an irrevocable trust should consult with a qualified professional estate-planning attorney before transferring title to such a trust.
Transfers made to an irrevocable trust are considered gifts at the time they are made and may be subject to federal gift tax liability if they exceed the annual 14,000-dollar exclusion amount.
The nature of an irrevocable trust is in its name. Irrevocable trusts cannot be changed or amended once the trust agreement is signed and assets are transferred to the trust. For this reason irrevocable trusts should be used only when a setlor is willing to part with some or all of his rights in the property placed in trust.
The trust agreement controls the management and distribution of assets within the trust until the purpose of the trust is achieved. In certain cases a trust can be amended if that purpose becomes illegal or practically impossible to achieve. Appointment of an attorney or private professional fiduciary as trustee of an irrevocable trust is a way to assure the terms of the trust are properly adhered to.
For those who want the ultimate in asset protection, consultation with an expert estate-planning attorney is a must when it comes to an irrevocable trust. Only an expert trust and estate-planning attorney can assure that your trust agreement is properly drafted to carry out your wishes long after your death.
Irrevocable trusts are great asset protection and estate planning mechanisms, but should be carefully considered with the informed advice of an attorney before deciding if one is right for you.
Irrevocable trusts are a great estate-planning tool to assure for the financial wellbeing of relatives. With the expert advice of an attorney, an irrevocable trust can assure your family's financial future is safely guarded. An expert attorney can also help to inform you of the estate tax benefits of placing certain assets such as life insurance into an irrevocable trust.
Expert crafted estate plans are often composed of a mix of revocable living trusts and irrevocable trusts. An expert estate-planning attorney can provide guidance about which assets are better suited for irrevocable trusts as opposed to revocable living trusts. Contact Cheadle Law at 949.553.1066 to get the best guidance related to both revocable and irrevocable trusts.
A review of any materials on this web page, any preliminary comments or an introductory meeting does not constitute legal, income tax or accounting advice upon which reliance can be placed. The attorney client relationship can only be created by a written retainer agreement following a check of potential and actual conflicts of interest with other clients.