IRREVOCABLE TRUSTS IN UTAH COUNTY

Asset Protection & Wealth Transfer with Irrevocable Trusts

An irrevocable trust, a cornerstone of estate planning, provides a strategic avenue for asset protection, tax optimization, and wealth transfer. Central to its appeal is that once assets are transferred into the trust, they are no longer considered part of your personal estate. As part of a comprehensive estate planning strategy, irrevocable trusts offer many benefits.

It is never too late to start thinking about the future. If you are interested in setting up an irrevocable trust, then Gibson Law Firm can help you create a trust customized to your needs.

Whether you are just beginning your estate planning journey or are looking to optimize your current plan further, it is worth looking into irrevocable trusts. Contact our law firm today to schedule a consultation.

What Is an Irrevocable Trust?

An irrevocable trust is a type of trust that, once established, cannot be revoked, altered, or amended. This differs fundamentally from a revocable trust, which allows the grantor - the person who creates the trust - to retain control and make changes as they see fit during their lifetime.

While an irrevocable trust also originates during the grantor's lifetime, they relinquish full control upon its creation to a trustee. This means the grantor cannot make changes to the trust once it has been set up. This might seem like a disadvantage, but the purpose of this irrevocability is to provide certain protections and advantages that a revocable trust cannot.

Why Consider an Irrevocable Trust?

One of the primary uses of an irrevocable trust is to protect assets. Because assets transferred into an irrevocable trust are no longer considered part of the personal estate, they are typically protected from creditors' claims and lawsuits. Additionally, these assets can be excluded from the probate process and are not subject to estate taxes upon the trustor's death, potentially resulting in significant savings.

Benefits of Establishing an Irrevocable Trust

Irrevocable trusts offer myriad benefits, making them a potent tool in an individual's estate planning arsenal. In addition to asset protection and tax minimization benefits, irrevocable trusts also hold benefits for the trust beneficiaries. Irrevocable trusts can help grantors set up long-term wealth disbursement to beneficiaries, ensuring that beneficiaries receive financial support at specific intervals or milestones.

This type of trust document can also help those who want to preserve some of their wealth for charitable organizations. The assets in this trust can provide ongoing support to your chosen charity or charities after your death while also offering tax benefits.

More benefits to creating an irrevocable trust include the following:

• Protecting your assets from creditors
• Protecting your assets from taxes
• Allowing you to designate a successor trustee
• Allowing you to control the distribution of your assets
• Allowing you to provide for beneficiaries that may not be able to receive assets from other types of trusts

Careful planning and consultation with a qualified attorney can help you to take full advantage of these benefits and effectively navigate the complexities of setting up an irrevocable trust.

Choose Gibson Law Firm for Customized Trust Solutions

At Gibson Law Firm, we have the experience and skill necessary to advise you when it comes to creating an irrevocable trust. We will work with you closely to determine your goals and then help you draft a trust that meets your needs.