Daniel Timins, CFP® ; Investopedia
You probably don’t need an irrevocable trust. When you create an irrevocable trust you are creating a trust that cannot easily be changed. When you sign it and transfer property to the trustee of the trust, those funds are locked in, outside of your control, and are now administered by the trustee.
Why would anyone part with control of his assets and rely on someone else to control his money? The only time you might want to consider creating an irrevocable trust is when you want to
- minimize estate taxes,
- become eligible for government programs, and
- protect your assets from your creditor
If none of these apply, you should not have one. Read the full article.
Please contact your tax advisor for guidance.