i am planning to do a irrevocable trust but i need to know if this is going to trigger taxes, am talking about reassessment and gift taxes, i understand that my name is going to get remove but this means my girlfriend is going to pay taxes once is under her name.
Estate Planning Attorney
Before you act in a manner that cannot be reversed, I strongly suggest you seek the advice of a qualified estate planning attorney who can guide you on the particulars of setting up and maintaining an irrevocable trust. You really didn't give enough information for specific comments but such a plan may very well have negative tax consequences, require additional maintainance that you did not contemplate, and otherwise wind up not meeting your overall planning objectives. Please carefully consider seeking good counsel. This is NOT something you want to try on your own.
Estate Planning Attorney
Mr. Greenwood is absolutely correct. There are multiple types of irrevocable trusts and each requires it's own planning. Also an irrevocable trust is just that. Can NOT be changed, so before you do something you may regret, get some competent advice.
Hope this helps. If you think this post was helpful, please check the asnwer was a good answer tab below. Thanks. Mr. Geffen is licensed to practice law throughout the state of Texas with an office in Dallas. He is authorized to handle IRS matters throughout the United States and is licensed to practice in US Tax Court as well as The Court of Claims. This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship.
I agree wholeheartdly with the other two attorneys - I would strongly suggest hiring a trusts lawyer to prepare this document for you.
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Is the revocable trust going to trigger taxes? To make a good decision more facts must be discussed. It is advisable to speak with an estate planning attorney regarding the concerns creating an irrevocable trust. An accountant (CPA) or tax attorney may also need to be consulted. Once an irrevocable trust is created, it cannot be changed or dissolved. The trustor cannot remove assets, change beneficiaries, or change the trust terms. An irrevocable trust can only be terminated with permission from the trustee and all of the beneficiaries, or from a judge. Although the trustor does not have full ownership or control rights, the assets are protected regarding creditors, estate tax liability, income tax liability and avoidance of probate.