What You Need to Know About Irrevocable Trusts
Unlike revocable trusts, irrevocable trusts cannot be changed or amended once they are created. While they are less flexible than revocable trusts, irrevocable trusts have distinct advantages from a tax and asset protection perspective that make them attractive estate planning tools.
The estate planning attorneys of The Law Offices of Hugh Janow, LLC, in Pearl River, New York, can help you determine whether an irrevocable trust makes sense for you. Please contact our law firm to arrange a consultation. Call 845-735-8385.
We will talk to you about your needs and goals and recommend a strategy tailored to your specific circumstances. You may not need a trust at all. Not everyone does. Only people with significant assets or special circumstances should consider trusts.
We favor the use of irrevocable trusts because they protect assets from:
- Estate taxes
- Lawsuits
- Creditors
- Property division in divorce
- Medicaid spend-down requirements, in some cases
Depending on your needs, our tax and estate planning lawyers will consider a variety of irrevocable trusts, including:
- Qualified personal resident trusts
- Charitable remainder or lead trusts for charitable contribution planning
- Irrevocable life insurance trusts (ILITs)
- Irrevocable living trusts
Estate planning tools are extremely complex. The wrong approach can be financially devastating for you and your heirs. When you consult the estate planning lawyers at The Law Offices of Hugh Janow, LLC, you can be assured that you are getting quality legal representation you can rely upon from experienced professionals with a reputation for integrity and effectiveness.
Contact The Law Offices of Hugh Janow, LLC, Today
Please contact us to discuss your estate planning needs. Call 845-735-8385 to arrange an appointment.
