A basic irrevocable trust is a versatile tool that is the basis for many of the more advanced planning and asset protection strategies around. The creator or Grantor of the trust transfers assets into the trust, by either gift or sale, and enjoys benefits such as asset protection or estate tax limitation or both. Unlike the Nevada Asset Protection Trust, the Grantor cannot be a beneficiary of the trust, meaning once assets are transferred into the trust he or she cannot retrieve them. However, if the Grantor places assets into an LLC owned by the irrevocable trust, the Grantor can maintain and manage the LLC assets personally while still enjoying the protective benefits of the trust.
Irrevocable trusts are versatile and incredibly valuable. Let me show you how one can be drafted to resolve your estate planning or asset protection concerns.