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Irrevocable Trust

In very basic terms an Irrevocable Trust  transfers assets and properties from your ownership into the ownership of the trust.  If set up properly an Irrevocable Trust possibly could be used for purposes of shielding assets from creditors and taxes.  Irrevocable Trust are rarely used because they permanently tie up your assets and take them out of your control.

Understanding the Advantages and Disadvantages of Irrevocable Trusts

IRREVOCABLE TRUST

  • Not Flexible

  • Give up control over assets

  • Can NOT Be Modified

  • Can NOT change beneficiary

  • May provide some asset Protection form creditors

  • May provide some tax protections

REVOCABLE TRUST

  • Flexible

  • Maintain Control over assets

  • Can Be Modified

  • Can change beneficiary

  • Can dissolve and move assets

Estate planning lawyer David J. Salvin helps clients in Orange County, Los Angeles, Riverside and vicinity establish irrevocable trusts. To schedule a consultation, call 949-305-6400 or contact us online.
 

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