What Is a Irrevocable Trust?

Answer

An irrevocable trust is a trust where the property placed in the trust can not be accessed. This means the property is no longer a part of your estate and is not taxable to you. The trust now owns the property.
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Q&A Related to "What Is a Irrevocable Trust"
An irrevocable trust is a type of trust that can not be dissolved by the trustee, but would have to be contested in court to have any parts modified. Contact an attorney in your state
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Irrevocable trusts are permanent transfers of assets to a separate entity: the trust. When you set up an irrevocable trust, you forgo all rights for all time to the property or assets
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1. Make a list of your assets and the individuals you would like to receive your property upon your death or incapacitation. Keep in mind that once you make an irrevocable trust,
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Me and my sister are trustee of my fathers living trust, he has now passed away...In the trust his house will be divided equally among six children, but in the trust the house can
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1 Additional Answer
Ask.com Answer for: irrevocable trust taxation
Taxation of an Irrevocable Trust
The term "irrevocable trust" is a state law term that does not perfectly coincide with any Internal Revenue Service tax category. This means that trusts that are irrevocable under state law can be taxed in various ways under federal tax rules. Though... More »
Difficulty: Easy
Source: www.ehow.com
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