An Irrevocable Trust is a trust that CANNOT be changed once it is established. The most common use for such a trust is when a client has a potentially taxable estate. Various estate tax planning techniques utilize an irrevocable trust: Charitable Remainder Trusts, Charitable Lead Trusts, Irrevocable Life Insurance Trusts, Gifting Trusts for Children and Grandchildren, etc.
One of the more common types of Irrevocable Trust is an Irrevocable Life Insurance Trust, or ILIT. This trust is typically used to make sure that the death benefits from a life insurance policy are made available to your beneficiaries without having to be considered part of your taxable estate. An ILIT can also be used to provide much needed liquidity. With an irrevocable trust, there are many different planning techniques and drafting possibilities available to address a number of concerns. This type of trust is complex and should be drafted by an experienced attorney who is knowledgeable about the particular law in this area and your individual financial situation to make sure this is the best available option.
Our firm has created many Irrevocable Trusts and ILITs and we are happy to consult with you to see if this technique is right for you.
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Larson and Brown has over 34 years of estate planning legal experience, but we do much more than simply practice law. We are personally invested in our community and work hard to meet the needs of individuals who seek our help. That’s why we build great relationships with our clients by providing valuable information, guidance, and support for current concerns, as well as long term planning.
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