Experienced Irrevocable Trusts Lawyer in Massachusetts and Pennsylvania

Irrevocable trusts are a powerful estate planning tool. They are also used for asset protection and tax avoidance. If you’re trying to get your estate in order, you should contact an estate planning attorney for advice on how to proceed. An irrevocable trust involves holding property for the benefit of one or more family members. The person who creates the trust is called the settlor and they have full control over who the beneficiaries of the trust will be. The settlor deposits property into the trust and it is distributed according to their written instructions.

How Irrevocable Trusts Differ from Revocable Trusts

Irrevocable trusts can’t be easily changed. Often, trusts that are set up for asset protection require the approval of a third party. In contrast, the settlor can change a revocable trust at any time. There are several reasons why individuals choose irrevocable trusts over revocable trusts. It’s important that you meet with an estate planning lawyer to discuss the pros and cons of irrevocable trusts as well as the various types of irrevocable trusts. That way, you can get a legal arrangement that truly meets your needs.

What Are the Advantages of an Irrevocable Trust?

Irrevocable trusts are no longer just for the wealthy. Anyone can access the protection they offer. These trusts allow you to provide for your children, grandchildren, or any other beneficiary you choose. When you transfer your ownership of an asset to the trust, for legal purposes, it no longer belongs to you. 

As a result, there are two primary benefits of irrevocable trusts: taxes and creditors. By transferring assets to a trust, your creditors won’t be able to access them and they will no longer be part of your taxable estate. 

Irrevocable trusts aren’t all the same. They’re flexible, and your attorney can come up with an arrangement that addresses your unique situation.

Get in Touch with Miller Law Firm, PC

If you’re looking for a law firm near you to set up an irrevocable trust or you have questions about the cost associated with irrevocable trusts, don’t hesitate to contact Miller Law Firm, PC. 

We have locations in:

• King of Prussia, PA 
• Framingham, MA 
• Lebanon/Lancaster, PA 

We also serve clients in Reading, PA, and neighboring locations. Reach out today.