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Damien Bosco
Damien Bosco, Attorney
Category: Estate Law
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What is the difference between irrevocable trust and

Customer Question

What is the difference between irrevocable trust and non-revocable trust? Though the funds are now possessed by the trustees can the grantor still withdraw funds from them?
JA: Estate laws vary by state. What state are you in?
Customer: Arizona
JA: What documents or supporting evidence do you have?
Customer: I have three significant funds, two in credit union savings accounts, and one in a money market.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I always wanted my son sand daughter to have these savings from my years of work. I have a pension and social security. But I would like to be able to draw from these trusts if the need did arise.
Submitted: 1 month ago.
Category: Estate Law
Expert:  Damien Bosco replied 1 month ago.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Expert:  Damien Bosco replied 1 month ago.

An irrevocable trust is a trust wherein the person created it will no longer be able to change the terms of it or revoke it easily. The money is taken out of the person's estate for tax purposes (meaning there would be no estate tax on the assets in it). A revocable trust stays with the person's estate yet assets in the trust avoid probate. Estate planning to allow a person to still access the funds when there is no reason to worry about estate taxes (for Federal, a person would have to have over about $5.43 million if not married or $10 million for a couple to worry about estate taxes), a revocable trust is the way to go. We can discuss more if you want to do so.

Expert:  Damien Bosco replied 1 month ago.

Hello again! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars. Best regards.

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