Setting Up an Irrevocable Trust
There are certain situations when you might want to set up an irrevocable trust. One is to minimize estate tax after your passing. Another is to protect your assets after your death. They may also be beneficial if you need certain government benefits and without this type of trust, you may have too much money to qualify. Setting one up is no small deal. and competent legal help is generally needed. You’ll probably want to seek out irrevocable trust attorneys in Boulder CO.
Irrevocable Trusts: A Summary
An irrevocable trust is a specific type of trust that once initiated, its terms cannot be modified or amended without the permission of the named beneficiaries. Once this type of trust is filled with assets, you relinquish control over them. Needless to say, they are not entered into casually. Once the trust is set up, it becomes “set in stone.” If that makes you cringe, you might consider establishing a revocable trust instead.
There are some negative aspects associated with irrevocable trusts that you need to think about. These include:
- Stated again: You lose control over the assets once they are transferred into the irrevocable trust
- You must follow the very specific rules governing the trust precisely, or you may lose the advantages you want, but your money is still locked up
Irrevocable Trusts: Finding a Qualified Lawyer
Because of the relinquish-of-control characteristics of an irrevocable trust, most people need quite a bit of advice and guidance through the process. If the benefits outweigh the negative aspects, you may want to proceed with setting one up. You owe it to yourself to find the best, most competent trust attorney that you can find. Make sure the law practice has been in business for many years. Also, get the firm’s references and check them out. After all, you are wanting to set up an irrevocable trust.