The Many Benefits Of Establishing An Irrevocable Trust
An irrevocable trust is a type of trust that cannot be altered or revoked after its establishment. Due to this factor, an irrevocable trust is a great option for those who may need to protect their assets from certain people or entities in the future. At Eastside Estate Planning, we may recommend creating this kind of trust for those who want to make sure their assets do not undergo probate after their passing. If you would like to know more about how to devise a Washington irrevocable trust or whether it is beneficial to you, contact Attorney Robert Franco at your next earliest convenience!
Irrevocable Trust Washington
After a grantor creates an irrevocable trust, they then place assets into this trust. The grantor becomes the trust trustee and maintains control over the assets within. But the trust itself is considered a separate entity from the grantor, so they are not permitted to make any changes. Because this trust is deemed a separate entity, the assets do not undergo probate after the grantor’s death. The assets are not processed by taxes or probate fees, and creditors do not have access to these assets nor can any other parties make claims against the estate. If you have further questions about an irrevocable trust, reach out to us to reserve your appointment!
There are various benefits to an irrevocable trust as a valuable estate planning tool. Some of the advantages of having this trust are asset protection, tax benefits, control over asset distribution, charitable giving, and Medicaid planning. The primary benefit of an irrevocable trust is that since assets are not considered as belonging to a personal estate, there is peace of mind that assets are all secure as they are safeguarded from court orders and creditor claims. There are tax benefits as well, which can lower estate taxes by removing assets from your taxable estate. For more information about this type of trust, contact us when you are ready to begin!
Why Experience Matters When Establishing An Irrevocable Trust
Careful preparation is essential when establishing an irrevocable trust. We are ready to help you with the process and make sure your trust accomplishes your objectives. Here are a few reasons why we are highly recommended by our clients:
- We are known for offering legal services that are practical, compassionate, and knowledgeable.
- Attorney and Founder Robert Franco has a 5-star rating by Avvo.
- Have peace of mind knowing that our experience allows us to protect you, your family, and everything you own in your legacy.
For further details about irrevocable trusts and if they are beneficial for you, contact Attorney Robert Franco at Eastside Estate Planning today. We know that your assets and legacy are important to you. That is why we are here to assist you in establishing documents that reflect your wishes and ultimately protect your best interests. When having someone help you create a Washington irrevocable trust, their level of knowledge and dedication matter. Please reach out as soon as you are ready to start!