An irrevocable trust is a trust that cannot be modified or terminated without the permission of the beneficiary. In most states, a trust will be deemed irrevocable unless the Trustor specifies otherwise. Once the Trustor has transferred assets into the trust, s/he has no rights of ownership to the assets and the trust. Irrevocable trusts are preferred because it removes all incidents of ownership, thereby effectively removing the trust's assets from the grantor's taxable estate. The Trustor is also relieved of the tax liability on the income generated by the assets. This is the opposite of a "revocable trust", which allows the Trustor to modify the trust.
A Pot Trust is a trust set up for more than one beneficiary, typically children. The purpose of a Pot Trust is to keep the funds in one pot until a later event. For example, at the death of the parents, the assets may be kept in one pot until all the children have graduated from college or reached age 21.
Maryland Irrevocable Pot Trust Agreement
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Putting your house in an irrevocable trust removes it from your estate, reveals NOLO. Unlike placing assets in an revocable trust, your house is safe from creditors and from estate tax. If you use an irrevocable bypass trust, it does the same for your spouse.
Under an irrevocable trust, legal ownership of the trust is held by a trustee. At the same time, the grantor gives up certain rights to the trust.
The only three times you might want to consider creating an irrevocable trust is when you want to (1) minimize estate taxes, (2) become eligible for government programs, or (3) protect your assets from your creditors.
The trust belongs to all the beneficiaries. If the person selling property in an irrevocable trust uses the trust's money for his own needs in any way or transfers trust money to himself, he is considered by the law to be taking everyone's money, not just his own.
The downside to irrevocable trusts is that you can't change them. And you can't act as your own trustee either. Once the trust is set up and the assets are transferred, you no longer have control over them.
With an Irrevocable Trust, once you have transferred the ownership of the house to the trust, it's irrevocable, meaning you are never supposed to be able to take it back. The trust will own that house for the rest of your life.
Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets. This is in contrast to a revocable trust, which allows the grantor to modify the trust, but loses certain benefits such as creditor protection.
Irrevocable Trusts May Be Changed Settlor intent is not just the written words in the trust document but may be established by any other evidence admissible in a court proceeding. Generally, irrevocable trusts may be modified as long as the modification does not violate a material purpose of the trust.