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Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 29102
Experience:  30 years experience in the practice of estate law.
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Its nash... Is it legally allowed to transfer irrevocable

Customer Question

Customer: hello .. Its nash... Is it legally allowed to transfer irrevocable trust acct money to UTMA acct? its not significant acct .. maintaining the trust is more expensive
JA: Thanks. Can you give me any more details about your issue?
Customer: I have an irrevocable trust where there's some money I saved for my sons education. it cost me few hundred dollars each year to maintain the trust.. it would be cheaper to transfer and maintain it in an UTMA .. Can i do so?
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Estate Law Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: yes sir i can pay $18 for a legally right answer..
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Submitted: 11 months ago.
Category: Estate Law
Expert:  Loren replied 11 months ago.

Does the trust have any provision for termination? Some trusts allow for termination if the asset value falls below a certain amount. Otherwise, it will be difficult to break an irrevocable trust.

Expert:  Loren replied 11 months ago.

Does the trust have any provision for termination? Some trusts allow for termination if the asset value falls below a certain amount. Otherwise, it will be difficult to break an irrevocable trust.

Expert:  Loren replied 11 months ago.

Are you online with me?

Expert:  Loren replied 11 months ago.

Did you have further questions? Have I answered your question?

Expert:  Loren replied 11 months ago.

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.

Expert:  Loren replied 11 months ago.

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