St. Petersburg Irrevocable Trust Attorney

Irrevocable trusts are strong estate planning tools. Unlike living trusts, which a grantor can easily unwind, an irrevocable trust cannot be revoked. Although that might sound like a disadvantage, in the right situations irrevocable trusts provide more protection to our clients. Call Fisher & Wilsey, P.A. to discuss your estate plan and whether a trust makes sense for your objectives. A St. Petersburg irrevocable trust attorney can meet to discuss.

Advantages of an Irrevocable Trust

With this type of trust, the grantor transfers ownership of assets to the trust permanently. Once transferred, the trust owns the asset and the trustee manages them. This fact has important benefits:

Asset protection. Because you do not own the asset—the trust does—your creditors cannot try to seize the asset. Thus, if someone sues you and wins a court judgment, they can’t reach the assets in the trust.
Tax planning. An irrevocable trust also provides benefits if your objective is to avoid or minimize certain taxes. Once transferred, the asset is no longer part of the grantor’s taxable estate.
Medicaid planning. Many people spend down their assets with an irrevocable trust, which helps them qualify for Medicaid benefits.
Avoidance of probate. The probate process can slow down your loved one’s ability to access assets after you pass. An irrevocable trust is a good way to avoid probate and smooth out the process of transferring assets after your death.

Many clients fear a loss of control when they create an irrevocable trust. Although some loss is inherent in any irrevocable transaction, there are ways to ensure the assets are invested or handled properly.

Working with a attorney, you can draft the trust document in such a way that you decide how the trust assets are invested and distributions are made. You will also name the beneficiaries of the trust.

Types of Irrevocable Trusts

Attorneys use the term irrevocable trust to distinguish this type of arrangement from living trusts. But there are really several different types of irrevocable trusts. Some of the most common are:

Dynasty trusts. These trusts are designed to last indefinitely, and you can ensure assets remain within the family for generations.
Pet trust. You can provide for pets after your death by naming someone to take care of them and providing assets for that care. You can also name a trustee to ensure the pet is provided for.
Charitable trusts. There are many types of charitable trusts which can satisfy a client’s desire to support charities while reducing their own tax burden.
Life insurance trust. You can create an irrevocable trust and name it as the beneficiary on a life insurance policy.

There are dozens of other trusts which we can create for clients.

Schedule a Consultation Today

Fisher & Wilsey, P.A., has created countless estate plans for individuals and families. Let’s review whether you will benefit from creating an irrevocable trust, or whether you want to use other estate planning strategies. One of our St. Petersburg irrevocable trusts attorneys is a phone call away.