Irrevocable Trust
Andreozzi Bluestein LLP provides representation, advise and drafting services to individuals and couples in need of a wide array of estate planning work. We also provide representation to estates in both probate and intestate administrations.
Irrevocable Trust
Andreozzi Bluestein LLP provides representation, advise and drafting services to individuals and couples in need of a wide array of estate planning work. We also provide representation to estates in both probate and intestate administrations.
An irrevocable trust is one where the creator abdicates all control of the trust and its assets. The creator of the trust does not maintain control over it, has no power to revoke the trust, and has no claim of ownership in the trust property. Irrevocable trusts are beneficial when used to hold life insurance policies or to receive assets anticipated to significantly increase in value in the future such that the future appreciation occurs outside of the taxable estate. However, tax savings must always be weighed against the loss of use and control of the assets transferred to the trust.
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