An Irrevocable Trust permanently shifts assets to the trust from the grantor’s estate. This can protect your assets from a range of liabilities, such as tax. It can prove to be an effective estate planning tool. However, it’s not a decision to be made lightly. Three key reasons for this:
- You cannot make changes to the terms once it’s established
- You will relinquish control of all assets placed into it
- It’s almost impossible to dissolve an irrevocable trust (as the name suggests)
Therefore, these points need to be weighed against the advantages that can be gained. To find out more, and discuss your options, contact the team here at Meurer Law, your Denver estate planning law firm.