An irrevocable trust creates a legal entity that transfers the title to assets from one person into the trust without the right to regain the ownership over those assets at some future. This type of trust, which involves three persons – the grantor, the trustee and the beneficiary – generally is used in estate planning cases.
A properly structured irrevocable trust can avoid probate costs and fees, and estate taxes on the proceeds paid to the trust upon the grantor's death. Irrevocable trusts are also useful in providing children, especially those over age 14, with a fund for education or other specific planning purposes.
A knowledgeable and experience lawyer, such as Paul Maloof, is critical in the preparation of an irrevocable trust since the ownership of the assets is transferred to a trustee who will have the power to sell the assets, to borrow against the assets, and to distribute the proceeds of the assets to the beneficiary.
A revocable trust is somewhat similar to an irrevocable trust, except the grantor has the right to change the disposition of the assets since ownership is retained by the grantor during his or her lifetime. Upon death, a successor trustee automatically becomes the trustee and follows the grantor’s instructions, which are set forth in the trust.
Paul Maloof and his colleagues at Redmon, Peyton & Braswell have the background and expertise required to set up a safe and secure trust for you. They will ask you the right questions necessary to protect your assets for your loved ones in the future.