Irrevocable Trusts and Living Trusts

trustsA Trust usually surrounds a property given to a trustee to manage. Generally the beneficiary gets interest and dividends on the trust assets for a set number of years. The trust is the actual agreement in which one person transfers title to a specific property to another person or entity who agrees to hold or manage it for the benefit of a third person or party.

An intervivos trust also known as a living trust is a trust that is set up and goes into effect while you’re still alive. These trusts can be either revocable or irrevocable. A revocable trust enables you to have the ability to change your mind and an irrevocable trust doesn’t allow for you to change your mind. We can also help you with any special needs trusts that you might have.

Irrevocable trusts are the easier of the two to understand. After you place property into an irrevocable trust, you can’t retrieve the property. For all intents and purposes, that property now belongs to the trust, not to you.

With a revocable trust, however, you can place property into the trust and at some point in the future, undo the transfer by removing the property and terminating the trust. There are considerations that go with different types of trusts such as gift tax and / or estate tax. Our SC Law Firm team will help you better understand how these trusts work, the tax considerations that go along with them and how they can affect you and your family long term.

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