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Should you put assets into an irrevocable trust?

Putting assets into an irrevocable trust spreads the wealth around a little which can reduce the overall tax burden. Take care, however. An irrevocable trust is defined under state law while a grantor trust is a federal tax category, but there is considerable overlap between the two.

Can a grantor revoke an irrevocable trust?

An irrevocable trust has a grantor, a trustee, and a beneficiary or beneficiaries. Once the grantor places an asset in an irrevocable trust, it is a gift to the trust and the grantor cannot revoke it. The grantor can dictate the terms, rules, and uses of the trust assets with the consent of the trustee and the beneficiary.

What is an irrevocable grantor trust?

When you put the two concepts together, you get an irrevocable grantor trust. This is an unchangeable grantor trust in which the assets within are still technically owned by the original grantor/settlor. The only thing the “irrevocable” aspect changes is whether or not you can modify the trust as you desire.

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