Irrevocable Trusts

Irrevocable Trust Lawyer in Allen

What Is an Irrevocable Trust?

An irrevocable living trust goes into effect during the grantor’s life and cannot be revoked. Initially, many people wonder why they should create a trust they cannot modify. Fortunately, there are many benefits to an irrevocable trust.

As soon as assets are transferred into an irrevocable trust for the benefit of another person, they are no longer part of your estate, meaning they are exempt from estate taxes. Furthermore, the assets in an irrevocable trust for the benefit of another individual may be protected from that person’s creditors and divorcing spouses.

To learn more about establishing an irrevocable trust in Texas, contact a Allen estate planning lawyerat our office.

Types of Irrevocable Trusts

There are a wide variety of irrevocable trusts made for various purposes. The two most common reasons to make an irrevocable trust are to protect assets and to reduce taxes.

Common types of irrevocable trusts include:

Bypass Trusts
QTIP Trusts
QDOT Trusts
Charitable Trusts
Life Insurance Trusts
Generation-Skipping Trusts
Grantor-Retained Interest Trusts
Spendthrift Trusts
Special Needs Trusts

Let Our Allen Estate Planning Attorney Help You Make an Irrevocable Trust

Most irrevocable trusts require thorough drafting by an experienced lawyer. At the Law Offices of Dan Chern, P.C., we understand that estate planning can be a complicated legal field to navigate through. With over 25+ years of experience, our Allen estate planning attorney has the extensive knowledge of Texas law to guide you through the complexities of the legal system. Do not hesitate to get legal help from our skilled and reliable firm immediately to protect the future of your loved ones.

Contact us and schedule a case evaluation today.

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Dan has been a great help to us in setting up our Wills. As well as the other documents we need to be sure we are taken care of and our children can have all the information they well need as our life's change. He is a great guy and talks to you in a very open and friendly manner. Anyone would do well to have him take care of you and your legal needs.

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