Irrevocable Trusts

Charleston Irrevocable TrustIrrevocable trusts are an indispensable legal devices for the transfer property and assets as a part of South Carolina estate planning. Irrevocable trusts can also be quite complex estate planning devices and require particular attention and legal expertise. Our Charleston estate planning attorneys can provide individualized legal counsel on the structuring of irrevocable trusts for individuals, families and businesses to transfer estate property and assets.

While revocable trusts are all forms of living trusts, or created within the lifetime of the grantor, irrevocable trusts can be either living trusts or testamentary trusts. Some common irrevocable living trusts may include charitable trusts, life insurance trusts, or special needs trusts. The Last Will & Testament also functions as an irrevocable testamentary trust after the death of the client. Although this document can typically be amended or modified within the lifetime of the creator, the will becomes unalterable or “irrevocable” at death and will proceed to appropriate estate property and assets as prescribed by the grantor’s wishes.

Irrevocable trusts posses unique and essential tax advantages. Irrevocable trusts also create legal protection for individuals, professionals and families by placing assets beyond the reach of creditors in the event of a legal dispute. Many of the issues associated with the probate process can also be avoided through the protection of an irrevocable trust.

Irrevocable Trust Benefits

As opposed to revocable living trusts, irrevocable trusts may not be altered, edited or reversed. The terms and agreements of an irrevocable trust are inflexible after its inception. Irrevocable trusts still hold several noteworthy advantages in spite of their rigidness. An irrevocable trust can allow for a complete transfer of ownership of property and possessions. An irrevocable trust can then shield property and estates from lawsuits once transferred, because personal proprietorship has been fully sacrificed. An irrevocable trust also does not contribute towards taxable estate, since proprietary rights have been surrendered. Our Charleston estate planning attorneys may advise individuals, families and businesses to consider mobilizing their assets through an irrevocable trust for tax planning and asset protection interests.

Irrevocable trusts may be quite useful to avoid filing documentation to the South Carolina probate court. Through the construction of an irrevocable trust, beneficiaries and heirs may be able to avoid a potentially lengthy and costly probate court trial and instead proceed to directly receive assets from the grantor. Our Chicago estate planning attorneys can provide legal counsel to help clients manage these estate taxes and all other South Carolina estate planning matters concerning probate.