Irrevocable Trusts Turlock Lawyer
The major difference between a revocable and irrevocable trust is that the latter is permanent, meaning it cannot be changed. This means you are locking up assets and that the property is not in your name but you can control how the fund is distributed at a later time. Obviously, setting up an irrevocable trust is a big decision. That said, it can be ideally employed in the event that:
- A family member is exerting pressure to get money
- You have suffered financial victimization in the past
- You do not have someone close to you to address financial issues in the event of incapacitation
- You are trying to qualify for Medi-Cal benefits
- You are trying to avoid certain taxes/exclude benefits from a gross estate
- You are trying to avoid probate issues
In an irrevocable trust, interest and other assorted earnings from investments increase the value of the trust, but not that of your personal holdings; you cannot reclaim those funds.
Because there is no way to make adjustments once an irrevocable trust is established, it is critical that you set it up correctly the first time. As such, partnering with a skilled legal team is absolutely critical.
Because our California attorney is certified as a specialist in estate planning and has worked on these issues for more than 30 years, there is no irrevocable trust issue for which we are not prepared. We encourage you to get in touch as soon as possible.