Irrevocable Trusts
Trusts are relationships between parties where one party, the grantor, gives another party, the trustee, the right to hold the individual’s property or assets for the benefit of a third person, the beneficiary. Through the use of a trust, an individual can control the distribution of his or her property during life or after death. Trusts can be used for the financial benefit of the individual creating the trust, a surviving spouse, children, or a charitable purpose.
An irrevocable trust is one that cannot be modified or terminated without the permission of the beneficiary. By transferring assets into the trust, the grantor removes all of his or her rights of ownership to the assets and the trust. An irrevocable trust offers tax benefits. The grantor is relieved of the tax liability on the income generated by the assets. In most cases, the grantor cannot receive benefits if he or she is the trustee of the trust. The assets held in a trust may include a business, investment assets, or cash and life assets. The creation of the trust may however create a taxable event.
The terms of a trust are essential to ensuring that your wishes are honored and your assets are protected. Our firm helps you navigate through the trust process and determine which type of trust is right for you. We help you define the terms and conditions of your trust to match the objectives you have for your estate. We guide you through funding your trust properly and ensure that you maintain some level of control over your assets.
