Irrevocable Trusts in Chattanooga
Guidance from a Estate Planning Lawyer
When it comes to
creating a trust, you need to make sure that you select the option that best fits your
overall goals and needs. For example, a special needs trust may be perfect
for a family looking to safeguard their child’s right to inheritance
and government aid. On the other hand, if you are looking to create a
trust that will stand the test of time, an irrevocable trust may be best.
What exactly is an irrevocable trust? This legal document can be used to
include all the provisions that a normal trust would, except there is
one caveat: this trust cannot be amended, changed, or revoked once it
has been made official. The terms of the trust will be carried out as
planned, unless specific circumstances warrant a valid modification. Why
create an irrevocable trust then if they are so restrictive? Unlike revocable
ones, these trusts work to protect your assets against any creditor collection
attempts and unnecessary estate taxes.
Would you like to learn more about establishing an irrevocable trust for
your future heirs?
Contact Jackson Law Firm, PLLC for guidance during this time.
Types of Irrevocable Trusts
A trust is essentially used as a vehicle for transferring wealth and assets.
By creating an irrevocable trust, you can ensure that your wishes for
distribution of your property are followed. Furthermore, it provides your
heirs with many benefits, such as protection from creditor action.
Our Chattanooga estate planning lawyer can assist with the following:
- Testamentary trusts
- Life insurance trusts
- Qualified personal residence trusts
- Grantor retained annuity trusts
- Charitable remainder and lead trusts
- Build up equity retirement trusts
While irrevocable trusts are considered unchangeable, Tennessee has adopted a
decanting statute that allows a new trust to be created under a separate agreement that
contains any provisions that may have been lacking or unnecessary at the
time the original trust was created. This can give you peace of mind knowing
that your trust can be updated if absolutely necessary and will still
provide your loved ones the benefits of creditor and tax protection. The
irrevocable trust will remain valid so long as there are assets in it.
Call Our Estate Planning Firm Today - Free Evaluation
As a skilled
Chattanooga estate planning law firm, we have handled hundreds of estate plans on behalf of our clients and
are committed to secure client satisfaction. If you would like to begin
work on drafting a plan personalized to your unique needs,
please do not hesitate to reach out to our estate planning attorney for a
free consultation in Chattanooga.