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If you are considering setting up an irrevocable trust for tax or any other purposes, it is important to you consult with an experienced trust attorney. Because irrevocable trusts cannot be modified or amended after they are created, it is extremely important that the trust is correctly formed and its terms and beneficiaries clearly defined.
How an Irrevocable Trust Attorney Can Help
Some of the ways an irrevocable trust attorney can assist you in the creation of an irrevocable trust include:
- Drafting the trust instrument in accordance with the applicable law of your jurisdiction
- Helping you identify the goals that you are trying to accomplish in the creation of your trust
- Advising you on the tax implications of your trust
- Help you identify assets that would benefit from the protections of an irrevocable trust
One of the principal benefits of an irrevocable trust is that it removes the trust property from the settlor’s estate therefore excluding it from federal estate tax calculations. In addition, placing property in an irrevocable trust will shield the trust property from creditors. If you believe that you or your loved ones may benefit from placing your assets in an irrevocable trust, you should contact an experienced trust attorney. To view our directory of trust attorneys near you, click here.