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The Bailey Law Firm is experienced in preparing estate tax plans which may include the drafting and implementation of irrevocable trusts. |
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| What is an Irrevocable Trust? |
| An Irrevocable Trust is a written trust agreement which cannot be amended, changed, or revoked. Irrevocable trusts are either created during your lifetime (inter-vivos) or created at your death (testamentary). |
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| Why Create a Trust That Is Irrevocable? |
Estate and gift tax rules may require that the trust be irrevocable in order to achieve the desired tax results.
Furthermore, a beneficiary who cannot manage money may require an irrevocable trust for his or her benefit in order to prevent the beneficiary from amending or revoking the trust and then spending all of his or her inheritance. |
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| What Are the Most Common Types of Irrevocable Trusts? |
| Common types of irrevocable trusts include: (a) gift trusts; (b) life insurance trusts; and (c) charitable trusts. |
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