About Irrevocable Trusts
Serving Fremont, Sunnyvale, & Pleasanton
When it comes to
estate planning and establishing a revocable or irrevocable trust, it is important to
know the difference since the legal and tax consequences between the two
trusts are significant. At Anthoor Law Group, APC, we offer quality estate
planning services to the residents of Fremont, Sunnyvale, and Pleasanton
and to non-resident Indians (NRIs) living in the United States.
If you are considering establishing an irrevocable trust, our
Fremont estate planning lawyers can answer all of your questions, explain the legal and tax consequences
of each type of
trust, and help you find the trust that will enable you to facilitate your goals.
Revocable vs. Irrevocable Trusts
A revocable trust, also known as a
living trust or an
inter vivos trust is simply a trust that can be changed at any time. With a revocable
trust, your assets are placed in the trust, they are administered for
our benefit during your lifetime, and the trust assets are transferred
to your beneficiaries upon your death.
On the other hand, irrevocable trusts are irrevocable and cannot be terminated
once they have been finalized. This feature sets them apart from a revocable
trust, which can be changed or terminated at any time prior to the death
of the trust's creator.
Types of Irrevocable Trusts
There are many different types of irrevocable trusts, all of which serve
different purposes. The main purposes of irrevocable trusts are to reduce
taxes, and to protect assets and property. Examples of irrevocable trusts, include:
- Charitable Trusts
- Bypass Trusts
- QTIP Trusts
- Special Needs Trusts
- QDOT Trusts
- Life Insurance Trusts
Creating an Irrevocable Trust
Creating a legally sound and effective irrevocable trust requires the assistance
of an experienced estate planning attorney. To learn more details about
revocable and irrevocable trusts, contact Anthoor Law Group, APC without
delay. We are a solution-oriented firm that is focused on client satisfaction
and smooth, effective legal representation. We value your time and will
provide you with efficient, cost-effective counsel.
free initial consultation today by calling (510) 244-2760.