Why irrevocability is the point, not the price
Every benefit of an irrevocable trust — estate exclusion, creditor protection, GST allocation — flows from the fact that you have actually given up control.
Irrevocable TrustsLegacy Counsel
Irrevocable Trusts
An irrevocable trust is a one-way decision — and that one-way nature is exactly what makes it work.
Key Points
- ◆Removes assets and future appreciation from the taxable estate
- ◆Shields assets from grantor's future creditors (when properly structured)
- ◆Locks in lifetime gift and GST exemption at current levels
- ◆Grantor-trust status can keep income tax with the grantor (a tax-free gift to the trust)
- ◆Common variants: ILIT, SLAT, IDGT, GRAT, dynasty trust, DAPT
Which irrevocable trust matches which problem
Need to keep life insurance proceeds out of the estate?
Next Step
Talk to Legacy Counsel.
Fixed-fee estate planning for clients in New York, New Jersey, and Ohio.
Drew Jacobs is licensed in New York, New Jersey, and Ohio. Nothing on this page constitutes legal advice or an offer to represent you in a jurisdiction in which we are not licensed.
Prospective Client Disclaimer. Submitting this form does not create an attorney-client relationship. Do not send confidential or time-sensitive information until we have signed an engagement letter. We will review your submission and follow up to discuss whether we can represent you. By submitting, you consent to be contacted about your inquiry.