Irrevocable Trusts - Benefits and More!

An irrevocable trust is a legal arrangement that allows a person called a grantor (or settlor) to transfer ownership of assets to the trustee of the trust who will then manage the assets according to the trust agreement for the benefit of the designated beneficiaries.
In setting up an irrevocable trust, you are thinking of the future and putting in place safeguards against future problems.
An irrevocable trust is set up with the understanding that the terms cannot be easily altered or revoked. This is the exact reason that trust provides certain advantages. Those advantage include:
protection from creditors (for the grantor and beneficiaries)
protection from incapacity (for the grantor, beneficiaries and trustees)
tax planning opportunities
The irrevocable trust can be set up so that the trust, itself, does not have to file separate income tax returns; rather, all income and deductions associated with the trust are included in the grantor's income tax return.
Irrevocable trusts represent a strategic mechanism for asset protection, tax planning, and financial security planning.
This video and the contents herein do not establish an attorney client relationship. Consult with an attorney for your legal needs. This is for educational only.
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