Irrevocable Trusts

Irrevocable Trust Lawyer in Allen

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 Allen estate planning lawyer at our office.

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    Dan Chern

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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
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