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.
and schedule a free case evaluation today.