An irrevocable trust a type of trust that can’t be changed after the agreement has been signed, or a revocable trust that by its design becomes irrevocable after the Trustmaker dies or after some other specific point in time.
Irrevocable trusts can take on many forms and be used to accomplish a variety of estate planning goals such as estate tax reduction, asset protection and charitable estate planning.
Some examples of irrevocable trusts include:
- Irrevocable Life Insurance Trusts
- Qualified Personal Residence Trusts,
- Grantor Retained Annuity Trusts (GRAT for short),
- Spousal Lifetime Access Trusts (SLAT for short)
- Charitable Remainder Trusts and
- Charitable Lead Trusts.
When it comes to setting up irrevocable trusts and determining which types are best for your situation, Haas & Zaltz, LLP can give you the information needed to make an educated decision.