Trust Law Attorney
Contact
Address: 502 park Avenue New York NY 10023
Phone: 212-547-8973
Website URL:
http://www.morganlegalny.com
About US
According to the terms of an agreement setting up an Irrevocable trust, it won’t be legally possible
to change, alter, modify or revoke the trust once it has been created. Once property and other
assets have been placed in an irrevocable trust, it is not possible for the trust maker or any other
person to remove any assets from it. Survivorship life insurance can be held in an irrevocable trust. It
is possible to use this type of life insurance for estate tax planning with large estates. A trust maker
may want to discuss this with a tax professional. This type of insurance policy in an irrevocable trust
could provide significant negative tax consequences.
This trust is designed as a way to protect assets from any type of claims by creditors after its
creation. It is possible to legally create such a trust in a country other than the United States. The
goal of creating this type trust is to insulate certain assets from creditors who would want to obtain
them. They are normally revocable trusts, and the assets are often returned to the trust maker after
a specified period of time. A trust maker is usually able to regain control of their assets after creditor
issues have been resolved.
This is created for individuals who get government benefits. The goal of this trust is to make certain
a person’s financial situation continues to make them eligible to receive such benefits. It is a legal
trust and governed by Social Security rules. The disabled trust beneficiary is not permitted to have
any control concerning the amount or frequency of any type of distribution from the trust. It is often
an irrevocable trust.
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LAWYER | ASSET MANAGEMENT AND PROTECTION | ESTATE PLANNING LAWYER
Additional Details
Hours: 24h
Payment Accepted: Cash , all credit cards , check
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