Irrevocable Trusts

What Is an Irrevocable Trust?

An irrevocable living trust goes into effect during the grantor’s life and cannot be revoked. Initially, many people wonder why they should create a trust they cannot modify. Fortunately, there are many benefits to an irrevocable trust.

As soon as assets are transferred into an irrevocable trust for the benefit of another person, they are no longer part of your estate, meaning they are exempt from estate taxes. Furthermore, the assets in an irrevocable trust for the benefit of another individual may be protected from that person’s creditors and divorcing spouses.

To learn more about establishing an irrevocable trust in Texas, contact a Dallas estate planning lawyer at our office.

Types of Irrevocable Trusts

There are a wide variety of irrevocable trusts made for various purposes. The two most common reasons to make an irrevocable trust are to protect assets and to reduce taxes.

Common types of irrevocable trusts include:

  • Bypass Trusts
  • QTIP Trusts
  • QDOT Trusts
  • Charitable Trusts
  • Life Insurance Trusts
  • Generation-Skipping Trusts
  • Grantor-Retained Interest Trusts
  • Spendthrift Trusts
  • Special Needs Trusts

Let Our Dallas Estate Planning Attorney Help You Make an Irrevocable Trust

Most irrevocable trusts require thorough drafting by an experienced lawyer. At the Law Offices of Dan Chern, P.C., we understand that estate planning can be a complicated legal field to navigate through. With nearly 20 years of experience, our Dallas estate planning attorney has the extensive knowledge of Texas law to guide you through the complexities of the legal system. Do not hesitate to get legal help from our skilled and reliable firm immediately to protect the future of your loved ones.

Contact us and schedule a free case evaluation today.



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