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Irrevocable Trusts
As the name indicates, an irrevocable trust is one that cannot be modified, changed, amended, or revoked. The terms of the trust are set in stone, and once it is established, it cannot be changed. There are numerous advantages to setting up an irrevocable trust, and quite a few disadvantages as well. Discuss whether an irrevocable trust works to your maximum benefit with an Orange County irrevocable trust lawyer at the Citadel Law Corporation. Our estate planning attorneys bring to your case solid expertise and years of experience working with high- net worth individuals across the Southern California region.
An irrevocable trust is in direct contrast to a revocable trust in which the terms of the trust can be modified by the grantor. The major benefit of setting up an irrevocable trust is the estate and tax benefits that can apply.
There are several types of irrevocable trusts that you can use to protect your assets, avoid estate taxes, and pass on maximum assets to your heirs. Talk to an estate planning lawyer in Orange County about which of these can maximize asset protection for your specific situation. Typically, these trusts are used to protect property, reduce taxes, or to protect specific interests of a party, like a child with a disability.
Types of Irrevocable Trusts
Irrevocable Living Trust
This type of trust is created and funded during your lifetime, and is designed to protect your assets, generate income from assets during your lifetime and pass on assets to beneficiaries after you.
Irrevocable Life Insurance Trust
This type of trust is specifically designed to hold the proceeds of your life insurance policies, so that you can prevent estate taxes from applying to the policies.
Special Needs Trust
A special needs trust is designed to specifically care for the interests of and protect the federal benefits and advantages of a child with a disability.
Asset Protection Trust
As the name signifies, the trust is designed to protect your assets from creditors. This type of trust restricts access of creditors to the assets in the trust, if there is any kind of legal judgment against you.
Charitable Remainder Trust
This type of trust allows you to transfer assets into the trust, continue to enjoy the income generated from the management of those assets, and allow for the remainder of the assets to pass on to a charitable organization of your choice.
Grantor Retained Income Trust
Just like with the Charitable Remainder Trust, the Grantor Retained Income Trust will allow you to transfer a certain amount of property or assets to the trust, and enjoy the proceeds of the investments for some time of time. After this period of time ends, you will transfer those assets to your beneficiaries.
Qualified Personal Residence Trust
This trust allows you to transfer your primary or secondary residence to the trust, and essentially freeze the current value of the trust, so that you can avoid any taxes that would apply to any increase in the value of the property.
Want to Know Which of These Trusts Would Benefit Your Situation? Call a Lawyer!
Call 949-852-8181 to speak with an Orange County irrevocable trust lawyer at the Citadel Law Corporation, and find out which of these irrevocable trusts is most beneficial for your specific situation. When you hire a lawyer at our firm, you can expect professional legal advice, and prompt responses to all your queries.
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