FREQUENTLY ASKED QUESTIONS

An irrevocable trust is a legal arrangement where you place assets into a trust that cannot be changed or revoked without the permission of the beneficiaries and a court. This type of trust is often used for tax savings, asset protection, and estate planning..

An irrevocable trust can protect your assets from creditors, reduce estate taxes, and ensure your wealth is passed on according to your wishes. It’s also a great way to secure financial benefits for your loved ones..

With a revocable trust, you can change or cancel it anytime during your lifetime. An irrevocable trust, however, cannot be modified once it’s set up, giving it stronger protections for your assets..

You can include various assets such as real estate, life insurance policies, investment accounts, business interests, and personal property. The goal is to protect these assets from being taxed or accessed by creditors..

Once the trust is established, a trustee—who could be a trusted individual or a professional trust company—manages the assets according to the terms you set up when creating the trust.

No, once the assets are transferred into an irrevocable trust, they are no longer under your control. However, you can ensure they’re used for specific purposes, like supporting a loved one or paying for education.

Yes, assets in an irrevocable trust are generally shielded from creditors because they are no longer legally owned by you. This makes it an effective tool for asset protection.

Yes, irrevocable trusts can help minimize estate taxes and, in some cases, income taxes. Since the assets are no longer part of your estate, they are not subject to estate taxes upon your passing.

People who want to:

1. Protect assets from lawsuits or creditors.

2. Reduce their taxable estate.

3. Provide for loved ones in a controlled way.

4. Plan for long-term care expenses.

Reach out to Michael Brown - Trust Professional