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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 54021
Experience:  29 years of experience practicing law, including tax and estate planning.
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My wifes parents gifted a $5M property to an irrevocable trust

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My wifes parents gifted a $5M property to an irrevocable trust last year to take advantage of the estate gift taxes. My wife, myself and our two children are the beneficiaries.
They never gave up possession of the house and are now saying they want to dissolve the trust because they changed their mind.
We already hired a lawyer to do the taxes for last year. (just info)
They are pretty old and tend to change their mind alot.
Can they just dissolve the trust?
Hi! My name is XXXXX XXXXX I look forward to helping you!

Good evening. Once a gift to an irrevocable trust has been made, it is a completed gift. Your wife's parents cannot unilaterally revoke that gift because the property no longer belongs to them. They cannot take back something they no longer own. Because the trust is irrevocable, it cannot be undone without court approval. And, courts very rarely allow such a revocation, and then only if it's beneficial to all involved parties, including the beneficiaries. So, they have no right to dissolve the trust.


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