Irrevocable Trusts

Irrevocable trusts allow you to make a plan for how certain assets are held or distributed. Unlike revocable living trusts , which can be changed, amended, or revoked, irrevocable trusts cannot be changed, amended, or revoked. This means that irrevocable trusts lack flexibility. Because irrevocable trusts are typically used in complex and unique situations, they are typically more expensive than wills or revocable living trusts.

Some irrevocable trusts are created for a specific purpose. Irrevocable life insurance trusts are used to reduce estate taxes by getting life insurance proceeds out of an estate. Other irrevocable trusts are used to protect important assets or preserve assets for those receiving government benefits.

Irrevocable trusts can also be created through wills or revocable living trusts at some later point in time. For example, a family support trust becomes irrevocable at the time it is created and funded. This means that young or foolish beneficiaries cannot revoke or change the terms of the trust. In addition, when one spouse passes away, a disclaimer trust or marital trust becomes irrevocable.

The use of irrevocable trusts can be incredibly complicated. Please contact our Estate Planning and Elder Law Attorneys to discuss the opportunities for irrevocable trusts as part of your estate plan.

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