Pogue Calvert

Santa Clara Irrevocable Trust Lawyer

If you’re looking forward to a comfortable retirement and to leaving a legacy to your heirs, an irrevocable trust may be a good option.

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What is an irrevocable trust?

An irrevocable trust is a secure way to safeguard your assets both during your lifetime and as a lasting legacy for your loved ones. It's unchangeable once established, so an irrevocable trust is incredibly secure. But, because it's unchangeable once established, you need to proceed with caution before creating one. Life and needs change over time, and once an asset is added to an irrevocable trust, it can be a difficult process to remove it.

Is an irrevocable trust safe from lawsuits?

Since your assets in an irrevocable trust are no longer under your control or technically your personal property, it is generally difficult for creditors or those who file a civil suit against you to get to them.

What is the downside of an irrevocable trust?

Irrevocable trusts are not very flexible. Once the terms are established, they can be difficult to change. And once an asset is in the irrevocable trust, you no longer have direct control over it.

What are the advantages to an irrevocable trust?

You can use an irrevocable trust to safeguard your assets and reduce estate taxes. By utilizing an irrevocable trust, you can effectively "freeze" the value of your transferred assets, shielding them from future appreciation. Additionally, this trust allows the grantor to assume all income taxes, ensuring that the assets within the trust can continue to grow and benefit future generations or loved ones.

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