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What are the benefits of an irrevocable living trust?

If you count yourself among the many people across Ohio who are making plans for their futures, you may be giving some thought to how you might best protect your assets and preserve them for future generations. You may, too, have heard the term “irrevocable living trust” tossed around during your estate planning process, but you may not completely understand what it is or what it can do.

Per the Motley Fool, an irrevocable living trust differs from a revocable trust in that it is permanent and binding in nature, meaning you cannot change or modify it after its creation. This type of trust does, however, grant you considerable protection in certain areas as well as numerous other benefits. Arguably one of the biggest benefits an irrevocable living trust provides is asset protection with regard to creditors. Because the assets you place in this type of trust no longer belong directly to you, you can effectively safeguard them in the event that someone sues or otherwise comes to collect money from you.

Additionally, the assets you place in an irrevocable living trust do not factor in to the total amount of your estate, meaning your beneficiaries will not have to pay as much in estate taxes when you leave them assets through this method. You can also utilize an irrevocable living trust if you have concerns about how one of your beneficiaries will handle his or her inheritance. You can, for example, arrange the trust in such a way that this beneficiary will only receive distributions if he or she first meets certain guidelines.

This information about the benefits of irrevocable trusts is informational in nature and does not constitute legal advice.

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