According to the terms of an agreement setting up an Irrevocable trust, it won’t be legally possible to change, alter, modify or revoke the trust once it has been created. Once property and other assets have been placed in an irrevocable trust, it is not possible for the trust maker or any other person to remove any assets from it.
Survivorship life insurance can be held in an irrevocable trust. It is possible to use this type of life insurance for estate tax planning with large estates. A trust maker may want to discuss this with a tax professional. This type of insurance policy in an irrevocable trust could provide significant negative tax consequences.
Choosing the right legal professionals for your needs can be very difficult. There are dozens of legal professionals out there, but not all are going to provide you with the service and care that you need regarding your case. When seeking professional help, you should not have to subject yourself to playing a guessing game where all you end up doing is taking your chances. To help you decide on a legal professional, there are a number of aspects that you need to look for.