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Pros and cons of irrevocable trusts

A Nevada resident who wants to protect their children's inheritance may want to consider setting up an irrevocable trust. This financial tool holds and distributes assets for the beneficiary in the manner that is specified by the grantor. A person or organization will be needed to serve as the trustee and make sure that everything is administered correctly.

There are many estate planning benefits to setting up an irrevocable trust. When the trust is created, it is considered separate from the grantor's estate. Therefore, the assets involved will not count toward the value of the grantor's estate, and creditors cannot seize the assets in an irrevocable trust. Another benefit of an irrevocable trust is that it can allow the grantor to qualify for medical benefits by taking a portion of their estate out of their personal ownership.

The downside of creating an irrevocable trust is that it cannot be changed. If the grantor places money in an irrevocable trust and then decides that they need the money during their lifetime, the money will be nearly impossible for them to access. A revocable trust, on the other hand, can be altered during a person's lifetime.

Though an irrevocable trust cannot be altered, it may be a good estate planning tool for someone who is absolutely sure that they want their heirs to have certain assets. An estate planning attorney might be able to help an individual to determine what type of trust to create to protect their assets for the benefit of younger generations.

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