What are Irrevocable Living Trusts?

Estate planning near Tracy and Livermore can involve much more than just a last will and testament. Your lawyer can also create a living trust for you, which helps you protect property and minimize the tax burden . A living trust is one that goes into effect during your lifetime, rather than only after your death. An irrevocable living trust is one that cannot be terminated. The majority of living trusts are revocable, which means that they can be terminated.

You can hear more about irrevocable living trusts by watching this video. This expert discusses some of the common types of irrevocable living trusts, such as charitable trusts. Charitable trusts facilitate gifts to charity while reducing income and estate taxes. There are many other different types of trusts; you can consult a lawyer who specializes in estate planning to learn more.


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