|Why would anyone want an irrevocable trust?|
If a trust agreement is established as irrevocable, it means that it can't be revoked (broken) except under unusual circumstances.
Why would anyone want an irrevocable trust?
There are always specific reasons for making an irrevocable trust agreement. Perhaps it involves a family business where some of the family members are getting on in years and the family wants to make certain that management continues to run smoothly even if hindrances, such as senility, enter the picture.
Many times the reasons for an irrevocable trust involve estate and/or income tax avoidance. In order to be successful in such avoidance, the trustor must not have any direct or indirect power or control over the trust property or income.
The regulations on this subject, set out in the Internal Revenue Code, must be carefully followed.
If you have any questions about irrevocable trusts, I will be glad to answer questions and offer suggestions confidentially based on your personal circumstances.
Please call Danny Hansen Today, at (520) 740-1501, or e-mail me using the information request form.