Irrevocable Trust - Should you go there?

Revocable Trusts are great for avoiding probate, but it will not help avoid Estate Taxes. The only way to avoid Estate Taxes is to not pass property at death. Besides gifting property during your lifetime, placing your assets in an Irrevocable Trust can:

• provide you with some lifetime benefit from trust assets;
• freeze the value of the asset at the time of creating the trust which is potentially beneficial on Estate Taxes;
• gets assets out of your possession to avoid Estate Taxes.

An Irrevocable Trust is not to be taken lightly. Once you place assets in an Irrevocable Trust, you will be limited in your ability to access or control these assets. Most Irrevocable Trust totally end your ability to access or control these assets.

Irrevocable Trusts can be a great and powerful tool for certain situations. This requires solid analysis and a thorough understanding of the benefits and drawbacks, which is something we can assist you with while analyzing your estate planning needs.