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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33716
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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When is an irrevokable living trust more desirable than a

Customer Question

When is an irrevokable living trust more desirable than a revokable living trust?
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: Property is located in Michigan. Grantor's primary residence is Florida.
JA: Has anything been filed or reported?
Customer: No. . just planning.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I want to temporarily remove property from my ownership, and then transfer it back later on, depending on circucumstances then.
Submitted: 1 month ago.
Category: Legal
Expert:  Barrister replied 1 month ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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An irrevocable trust provides protection from creditors and personal liability. A revocable trust does not. So if you were sued, someone could come after assets in a revocable trust.

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However an irrevocable trust can't be changes and so the trustee would have to have the power to convey assets back out of the trust to the grantor (maker) but not the obligation to do so.

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An irrevocable trust also needs its own tax ID number since it is a completely separate legal entity. A revocable one just uses the grantors SSN and any income passes through to them directly.

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thanks

Barrister

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