How To Change An Irrevocable Trust

Рет қаралды 11,048

4 жыл бұрын

Build your estate plan online! MyAdvocate is the online solution for creating and maintaining your Will and all other legally-valid estate planning documents. Click the link below to get started!
www.myadvocate.com/join/paul
--
Over the last couple of decades, it is likely that hundreds of thousands of irrevocable trusts have been formed.
Some of the reasons why people have established one or more irrevocable trusts include: creating an irrevocable life insurance trust to create liquidity to pay estate tax; transferring assets to an irrevocable trust to shield them from the nursing home spend-down requirement; attempting to make one's assets lawsuit-proof or judgment-proof; parent and grandparents have transferred assets to irrevocable Crummey trusts to remove assets from the taxable estate of the parents and grandparents; and many have, in their last will and testament, left their estate to a testamentary irrevocable trust - often for the benefit of their spouse and children.
But sometimes, years or decades after the creation of these irrevocable trusts, circumstances make the irrevocable trust impractical.
You would think that an irrevocable trust cannot be changed or modified in any way. But there are ways that an irrevocable, nonamendable, nonchangeable trust can be revised, modified, or terminated.
Most states provide in their trust law that a court may order the termination or modification of a trust if the continuation of the trust unchanged would defeat or substantially impair the purposes of the trust.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney

Пікірлер: 11

@classicredwine 3 жыл бұрын

Thank you. I was wondering this. If I have a house to put in a irrevocable trust but may want to sell it in the future. Seems like that’s a no go. Good thing Texas has strong homestead laws

@NeedsMoreToys 3 жыл бұрын

The cost to maintain an ILIT is expensive. This is rarely discussed. It is common to see $1500-2500 every year to maintain it. There is no escape from this. You can change trust managers but they are all expensive.

@michellemcgowan1630 4 жыл бұрын

Very informative any offices in Staten Island NY?

@missycat12 4 жыл бұрын

I am embarking on an irrevocable trust because of my husband's health and Medical Planning. After consulting with 3 attorneys all who recommended it especially because of long term care. Are the cost to amend the irremovable as costly as doing the Irrovicale trust. Thank you again for your continued information. Even tho we are in California its very helpful..

@back2theunderground 5 ай бұрын

My father set up an irrevocable trust for my brother, myself and my mother about 20 years ago . My mother is not of sound mind any longer so was removed as one of the trustees. My father is an alcoholic and continues to threaten removing our names due to this. He has been doing so for many years. If he were to attempt to dissolve or amend the trust , would we as his beneficiaries be able to stop it? According to what I’ve read we would need to sign any documents and dissolution of an irrevocable trust needs to be demonstrable as acting in the interest of the beneficiaries . His reasons are purely , motivated out of his personality , past physical abuse towards us and my mother .

@thenewnormal1112 2 жыл бұрын

Seems he doesn’t really know the ins and outs of irrevocable trusts. Or doesn’t really want to speak on them. What are the benefits of creating one?

@zazabbb2011 Жыл бұрын

Non taxable and you can make interest

@basicprogrammer6147 11 ай бұрын

What is the point of creating an irrevocable trust if you're just to going to revoke it?

@followme8238 4 ай бұрын

He answers that @4:40 When a trust started 10years ago with $10 million dollars and is now drained down to $25k, it’s not worth keeping the trust - because the Trustee fees, the lawyer fees, the accounting fees aren’t worth it. The judge allows the trust to be closed and the final proceeds distributed to the beneficiaries

@tomowcaest.5999 2 ай бұрын

Did he say to revoke it ? Read the title on the tube😮