An irrevocable trust is often used in conjunction with minimizing estate tax, holding life insurance, maintaining eligibility to access governmental benefits, and protecting assets. 

When setting up irrevocable trust, Grantor must give up control (at least to a degree) and the trust will be considered an independent entity. 

The most common Irrevocable Trust include: GRAT (Grantor Retained Annuity Trust), ILIT (Irrevocable Life Insurance Trust), CRT (Charitable Remainder Trust), IDGT (Intentionally Defective Grantor Trust). Utilizing these trusts, often in conjunction with entities, can provide assets protection and reduce tax liabilities. 

To find out if an irrevocable trust is the right choice for your estate plan. Please contact us.

The foundation of essentially all estate plans. Revocable Living Trust provides the benefit of avoiding probate and may provide assets protection to your beneficiaries when you pass away. 

Revocable Living Trust can be complex especially for a blended family that has children from different relations. The family dynamics, how much control you may want to bestow to the children, who will be the future “trusted person”, i.e., the trustee, how to balance the control and protection, etc. must be considered when designing the trust.

In all 50 states in the US has adopted some form of Children-custody and protection law, if the parents didn’t appoint guardian for their children, in the situation the child is orphaned, usually the State will have the custody of the child until the court grants the guardianship.  For parents with minor children, we can’t emphasize more about the importance of making plans in the unthinkable events that both parents are no longer able to care for the children.  If you have a trust, usually, the Will is called Pour Over Will, through the instrument, the assets that are left out of the trust will be “poured over” to the trust. To learn more about pour-over Will.