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Irrevocable Trusts

Forming an Irrevocable Trust?

Let an Irvine Probate Lawyer Inform You of the Benefits

An irrevocable trust is a legal tool used to help an individual's property avoid going through probate. At Peter Rasla & Associates, P.L.C., the team upholds a high standard of legal guidance and effective representation to ensure all clients receive the utmost level of professional help they deserve.

With an irrevocable trust, you can benefit from:

  • Avoiding estate taxes
  • Shielding assets from creditors
  • Bypassing probate
  • Protecting loved ones who are minors or have special needs

Are you considering creating an irrevocable trust?
Give the firm a call today to get started!

What is an irrevocable trust?

An irrevocable trust is a type of living trust that cannot be modified without permission from the beneficiary. Once an irrevocable trust has been created, there is nothing that can be done to change or end the terms of the trust, unless permission has been granted directly by the beneficiary. Since the creator of the trust has officially signed over his or her assets to the beneficiary, these conditions cannot be altered.

If you still want to have control over your estate, it is advised that you do not create an irrevocable trust. You may instead want to consider a revocable trust, which does allow for alterations.

The Tax Benefits of an Irrevocable Trust

One of the main benefits that come from forming an irrevocable trust has to do with reducing taxes. This is because when you form an irrevocable trust and therefore release possession of your assets, you are also releasing your responsibility of having to pay taxes on the state. This means that because the assets are no longer in your name, there is no tax liability on any income that may be generated on the assets.

Set up a Free Case Evaluation Today

If you are unsure whether or not an irrevocable trust is right for you, the Irvine probate team is prepared to assist you. When you retain the firm's representation, the team will get a thorough understanding of your situation, and determine a suitable course of action for you. The team will develop a plan that is tailored to fit your unique needs and goals.

When it comes to your assets and loved ones, it is essential to ensure that you have all the tools and knowledge necessary to make the smartest decision possible for your family. To learn about the effective guidance Attorney Rasla and his trusted team may be able to provide, contact the firm today.

Spanish-speaking services are offered and free initial case evaluations are available!

Peter Rasla & Associates, P.L.C. is proud to serve clients throughout Anaheim, Aliso Viejo, Corona Del Mar, Costa Mesa, East Irvine, Fountain Valley, Garden Grove, Orange County, and Santa Ana.