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Irrevocable Trusts

Irrevocable Trusts, as the name suggests, cannot be altered, except under limited special circumstances. Irrevocable Trusts have more varied purposes than Revocable Trusts, most of which fall under the headings of either Asset Protection; or Estate, Gift & Income Tax reduction. As with assets in a Revocable Trust, assets in an Irrevocable Trust most often do not need to pass through the Probate Process. If you are inclined to make charitable bequests, it may be possible for you to place assets into an Irrevocable Trust and keep an income stream for yourself, or your spouse. Additionally, you may be eligible for an income tax deduction on a portion of the amount transferred into the Trust. The calculations for this type of transaction require involvement of both legal and tax advisors, and are somewhat complex; but, in certain situations, such transactions can be quite beneficial.

 

 

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Revocable Trusts – Lifetime or Living Trust

Irrevocable Trusts

Testamentary versus Inter Vivos Trusts

 

The Witecki Law Office
(518) 372-2827
8 South Church Street
Schenectady, NY 12305
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