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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.

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