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:
- 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.