WHAT IS AN IRREVOCABLE LIVING TRUST?
WHY WOULD YOU NEED ONE? The main reasons for setting up an irrevocable trust are for estate and tax considerations. This type of trust removes all incidents of ownership, which effectively removes the trust’s assets from the trustor’s taxable estate. It also relieves the trustor of the tax liability on the income the assets generate. They’re especially useful to those who work in professions that make them more vulnerable to lawsuits, such as doctors. An irrevocable trust makes the assets designated within it safe from legal judgments and creditors. WHAT CAN AN ATTORNEY DO? If any of the above explanations feel just a little bit boggling to you, then that’s exactly why you’d need an attorney to help set up an irrevocable trust! It can be a complicated process with many details to get just right in order to make sure you understand what you put into your trust and all those involved understand and abide by its terms. When you sign up for estate planning services with REIBLAW, our experts will walk you through the process of creating an irrevocable living trust and discuss if it’s the right option for you. Call our office to schedule an appointment today.
The cover of this newsletter talks about how important it is to make sure you take that final step and actually fund your irrevocable living trust. But before you do that , you need to decide if an irrevocable trust is right for you. And before you can do that, you need to understand exactly what an irrevocable trust is and why it’s important to work with a lawyer to draft one.
WHAT IS IT? You likely know that a trust is an agreement between a trustor and a trustee in which the trustor gives the trustee the right to hold property or assets for the benefit of a third party, or beneficiary. So when it comes to an irrevocable trust, it’s really all in the name — once it’s created, it cannot be modified, amended, or terminated without the permission of the named beneficiary. This is in contrast to a revocable trust, which allows the trustor to modify the trust after it’s created without the permission of the beneficiary.
BREAKFAST SAUSAGE KEBABS
We want your feedback! In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll use them to address the topics you want to know more about. Text your questions and curiosities to 972.677.3002 .
Inspired by TasteOfHome.com
INGREDIENTS
• Maple syrup, to taste EQUIPMENT • 5 metal or soaked wooden kebab skewers
• 7 oz frozen, fully cooked
breakfast sausage links, thawed • 20 oz pineapple chunks, drained • 10 medium-sized, fresh mushrooms • 2 tbsp butter, melted
DIRECTIONS
1. Cut sausages in half. Thread alternating sausages halves, pineapple chunks, and mushrooms onto kebab skewers. Brush with butter and syrup. 2. Grill over medium heat, regularly turning and basting with syrup, until sausages are lightly browned, about 8 minutes.
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