Irrevocable Trusts
Michael Jackson's Estate Illustrates Importance of Creating the Right Type of Trust
We have previously discussed how important it is to set up a Family Trust to protect your assets and legacy for your heirs. However, choosing the type of trust to create is equally as important, as the heirs to pop superstar Michael Jackson’s estate are finding out. As with other deceased celebrities, such as Jimi…
Read MoreNew Laws Make it Easier to Change Irrevocable Trusts
An irrevocable trust is a trust that, by its terms, can’t be changed except by terms that might be written into the irrevocable trust. However, there are times when a trust grantor wants or needs to make changes to an irrevocable trust. Fortunately, according to an article on FinancialPlanning.com, many states have been updating their…
Read MoreDefinition of Irrevocable Trust
An irrevocable trust cannot be changed. It is a trust that, by its terms, can’t be changed except by terms that might be written into the irrevocable trust. It must operate according to whatever are its terms. An irrevocable trust is typically set in a particular jurisdiction: It is considered an independent person under the tax…
Read MoreWhat Is A Family Trust?
A family trust is usually intended to either honor and/or provide for family. Nearly every kind of trust that does not have a charity and non-family members as beneficiaries is considered a "family trust" of some kind. A family trust anticipates a connection with others that is usually blood-based. But when one drills down more…
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