Irrevocable Trusts
Trusts That Are Not Revocable
Trusts are legal agreements that allow a person to transfer assets to a third party, such as a family member or a charity, in order to ensure that the assets are managed in a specific way. A common misconception about trusts is that they are all revocable, meaning that the trustor can change the terms at any time. However, there are also irrevocable trusts, which are a great way to ensure that assets are used in the way that a person intended.
An irrevocable trust is created when assets are transferred to a trust that cannot be changed or revoked by the trustor. This means that the trustor cannot take back the assets that were transferred to the trust, although they may be able to receive income from the trust. The assets are managed by a trustee, which is a person or organization that has been given the power to manage the assets in a specific way. The trustee is responsible for making sure that the assets are used for their intended purpose, and they must report to the trustor regularly to provide an accounting of how the assets are being used.
Are you interested in setting up an irrevocable trust? Contact Parisi, Coan & Saccocio, PLLC at contact us online or contact us by phone to get started.
What Are the Benefits of an Irrevocable Trust?
Irrevocable trusts are a great way to ensure that assets are used for the intended purpose and that the trustor has the control over how the assets are used. There are many different reasons why people choose to set up irrevocable trusts, and the benefits of these trusts can be different for each person.
Some of the benefits of an irrevocable trust include:
- Protecting assets from creditors
- Protecting assets from future spouses
- Avoiding probate
- Providing income for beneficiaries
- Providing a tax benefit
These are just a few of the benefits of an irrevocable trust, and there may be other benefits that are relevant to the trustor's situation. If you are interested in setting up an irrevocable trust, it is important to work with someone who can help you understand all of the benefits that this trust can provide.
How Can a Trust Attorney Help?
Setting up an irrevocable trust is a complex process that requires a great deal of legal knowledge. An irrevocable trust is different than a revocable trust, and the process of setting one up is quite different as well. A trust attorney can help you set up an irrevocable trust so that you can benefit from the many benefits that this trust provides.
A trust attorney can help you determine the best way to set up an irrevocable trust, depending on the assets that you want to transfer to the trust. They can make sure that the trust is set up in a way that will benefit the trustor and the beneficiaries of the trust. A trust attorney can also help you maintain the trust, including making sure that the trustee is fulfilling their duties.
If you are interested in setting up an irrevocable trust, contact our office today at (914) 228-7448 to get started.
A member of our team will be in touch shortly to confirm your contact details or address questions you may have.
Our Results
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Business Ownership Returned to Brother!
PCS took a hard fought and very complex case to a 4-day trial and won full ownership of corporate stock for our client. The issue revolved around a brother’s claim that he had been given or bought a 50% ownership interest in the corporation. At odds were the testimony of the ... -
Client Won Custody Dying Without A Will
As many of you may know legendary singer/songwriter Aretha Franklin died in 2018 without leaving a will. Other wealthy celebrities such as Prince have done the same. This can lead to many types of unwanted consequences. As an example, the T&E department at PCS is currently ... -
Son Must Repay Mother’s Estate Estate Case
A local man and his then-wife used undue influence on his elderly mother to clean out the woman’s bank accounts before she passed away, a Schenectady County Surrogate’s Court ruled this week. The verdict, in a case brought by the woman’s two other sons, means the man and his ... -
Brothers Inheritance Restored Estate Dispute
After much litigation including more than a dozen depositions, obtaining numerous medical records and various other relevant documents, expert medical testimony, and the beginnings of trial preparation, an estate dispute was settled on behalf of our client for $700,000. Our ... -
Daughter Settles Dispute Favorably Estate Matter
On the day of trial our client successfully resolved an estate matter whereby she received 60% of available funds of the estate. Interestingly, the case involved an admission by both brother and sister that their father had upwards of $200,000 in cash at the time of death (a ...
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Exceptional Estate and Trust Law ExperienceOver 65-years collective experience in estate and trust planning, administration, litigation, and guardianship.
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