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An irrevocable trust may be used when the creator is trying to limit estate taxes and protect assets from being taken by creditors since the trust’s assets are no longer considered theirs.
An irrevocable trust takes away your control of your assets. But if you have money or property you plan to hold onto, specifically for your heirs, an irrevocable trust can help protect those assets.
Estate planning is a crucial part of any holistic financial plan. As a financial advisor, you could direct your clients to an estate planning attorney for guidance in this area, but while ...
A spendthrift provision creates an irrevocable trust preventing creditors from attaching the interest of the beneficiary in the trust before that interest (cash or property) is actually distributed to him or her. Most well-drafted irrevocable trusts contain spendthrift provisions even though the beneficiaries are not known to be spendthrifts.
A grantor transfers property into an irrevocable trust in exchange for the right to receive fixed payments at least annually, based on original fair market value of the property transferred. [2] At the end of a specified time, any remaining value in the trust is passed on to a beneficiary of the trust as a gift. Beneficiaries are generally ...
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