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Irrevocable Trust

There are many different types of Irrevocable Trusts. The few listed below might be considered in your planning depending on what best fits your personal situation, but many others will also be considered. One main difference between a Revocable Trust and an Irrevocable Trust is that the Irrevocable Trust can offer great asset protection, because of the lack or absence of your power to revoke. However, properly drafted it can afford the control you desire.

The drafting of any Trust should only be done by an attorney trained in the area of Trust Law. After all, your Trust will be the document which manages and disposes of all your hard earned wealth. We are both qualified and experienced.

• Irrevocable Life Insurance Trust: The ownership of a life insurance policy is transferred or purchased directly by the trust and the trust is then designated as the beneficiary of the policy. There is a seasoning period, but simply stated, if the insured passes away, the life insurance proceeds are not taxed in the insured's estate nor the insured's spouse's estate.

• Qualified Personal Residence Trust: This allows you to transfer/gift your interest in a principal residence or vacation home out of your estate and into this irrevocable trust while retaining the right to live in the residence or collect income from the residence for a fixed number of years.

• Intentionally Defective Grantor Trust: This Irrevocable trust may also be considered in your planning. Although it has many uses, one of our favorite is use it to protect your personal residence, removing it from your estate, but properly structured can allow you to living the residence for you and your spouses’ life.

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