Irrevocable trust

Asked over 2 years ago - Van Nuys, CA

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.

Attorney answers (4)

  1. Steven Matlin Greenwood

    Contributor Level 12

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    Answered . 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.

  2. Arthur Harold Geffen

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    Contributor Level 17

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    Answered . 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.... more
  3. Rabeh M. A. Soofi

    Contributor Level 12

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    Answered . I agree wholeheartdly with the other two attorneys - I would strongly suggest hiring a trusts lawyer to prepare this document for you.

    DISCLAIMER: Attorney Advertising Material. I am providing you with general comments, not legal advice. Nothing... more
  4. Alice A. Salvo

    Pro

    Contributor Level 9

    Answered . 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.

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