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Irrevocable Trust Questions

Irrevocable trusts are trusts that cannot be changed in any way without the allowance of the beneficiary. While the irrevocable trust has many good points, there are just as many bad points that should be taken under consideration before choosing this type of trust.

When the creator of the irrevocable trust (the grantor) establishes the trust, all control of the assets within the trust released by the grantor. Because the trust is no longer controlled by the grantor and has yet to be in the control of the beneficiaries, it becomes its own tax entity and will pay its own taxes. The tax payments are usually handled by a trustee of the trust. Take a look at the questions below in regards to irrevocable trusts that have been answered by Experts.

Can an irrevocable trust be broken by the owner of the trust in California? Can listed beneficiaries be excluded from the trust?

When the word broken is used, that tends to widen the spectrum of possibilities. When a person does something unlawful, there is typically a law that provides a remedy to those who are harmed by the unlawful actions. The only way to revoke an irrevocable trust would be if all the beneficiaries were to give their permission or by a court order.

Irrevocable trusts don't require the assets if the trust to be preserved. If there is nothing left of the trust before the lifetime beneficiaries death, there is nothing that can be done. Beneficiaries of the irrevocable trust cannot be excluded from any benefits that have been assigned to the beneficiary by the trust.

I am the Trustee in an Irrevocable Trust set up in 1990 for a learning disabled young man who married my daughter in 1992 who is also learning disabled. I am considering 'revoking' the irrevocable trust and turning over the fund assets at my death or sooner. How can I do that?

Having the irrevocable trust revoked will prove to be tougher than you think. The name of the trust is irrevocable for a reason. In order to revoke the irrevocable trust, you would have to petition the court. All parties invested in the trust must partake in the petition. You will need a very good reason before the judge will consider changing the trust. If you tell the judge that you have limited trustees, the judge will more than likely appoint a professional trustee.

What happens if there is an Irrevocable Trust and the house that is in the trust is sold due to a death of the spouse and the next house is not put into the trust?

The trustee of the irrevocable trust is the only person who is allowed to transfer assets out or transfer assets into the trust. If someone besides the trustee tried to transfer assets, the transfer wouldn't be effective. Anytime the trustee transfers assets from the irrevocable trust, the transfer must comply with the terms of the trust. If the trustee conducts acts outside of his authority, the trustee could be held liable a beneficiary of the trust. Other people listed in a trust would be able to claim liable to the trustee if the trustee affected any remaining trust.

How can I terminate an irrevocable trust holding a $38000 lifetime annuity?

If you are the trustee of the irrevocable trust, you will need the consent to all parties involved in the trust. Once you have everyone's consent, you can draft the "Revocation of trust". You can get a form from legal websites like uslegalforms.com or you can go to your local law library. It is always best to use an attorney when you are handling this type of form.

Once the form is filled out, all parties must sign and the form must be notarized. You will then file the form with the court. The trust would then be considered revoked.

Revoking the trust is rather straight forward, however it is just good practice to use an attorney. Typically, the cost would only be a few hundred dollars.

An irrevocable trust is one of many trusts available today. When a person wants to establish a trust, many questions arise about the needs of the grantor and the advantages of each trust. If you are unsure about an irrevocable trust or simply have questions, you should ask an expert for assistance in selecting the most appropriate trust for your needs.

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Tina, Lawyer
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Satisfied Customers: 8603
Experience:  JD, BBA Over 25 years legal and business experience.
4460311
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Recent Irrevocable Trust Questions

  • I have been served with an ex Parte motion to secure assetts

    I have been served with an ex Parte motion to secure assetts in a civil case. They want to attatepch my parents irrevocable trust of which I would be an heir upon their deaths. My question is, can my parents simply take me out of their will? Or will a
    personal BK cancel this obligation? I am on SSDI and have no assetts and the other lawyers are tiring very hard to try to attach anything remotely possible. I live in Massachusetts. Thank you, John.
  • I had an attorney friend, after reading the irrevocable trust

    I had an attorney friend, after reading the irrevocable trust originally granted by my father, tell me that I did not need a separate bank account or new EIN because I could distribute assets directly to the beneficiaries. However, forms from the VA insurance center or the mutual funds company, for example, require an EIN for direct deposit into an estate checking account separate from my own checking account. It makes no sense that I would need an EIN if no income is produced between the time of my father's death and distribution to beneficiaries. Whether it should be an estate EIN or trust EIN is also confusing. In application for an estate EIN, the date of death is needed. This seems reasonable for tax purposes. In application for a Trust EIN, when and where funded is asked. I have no idea how to answer those questions. Must it be an Estate or Trust EIN? The bank account is an estate checking account. The Trust was funded at date of death and in the state where the original Trust document was created and signed?
  • I have been POA, Trustee, Health care agent and finally executor

    I have been POA, Trustee, Health care agent and finally executor for my father/estate since 2009 when an attorney setup an IDGT for dad's house which also included the original wording from his previous trust and will stating division of the property would be equal shares between me and my 2 brothers. (a trustee fee was not spelled out) Dad's house was paid off long ago. He had no money accounts as those were cashed out some time ago. I got him VA benefits and most of his care was covered with his retirement, SS. Mom died 2008. Dad died 2014.
    All along -my brothers have acknowledged the huge burden I had of taking care of everything -including frequent visits to my dad who could not walk and later was suffering from dementia. Making sure he had quality care and social contact. And doing house repairs, upkeep. Handling the bills and taxes, etc. Literally everything. Taking time off from work. All nighters in the ER...and so forth.
    One brother, Dave, lives out of state and could only come out once in awhile to help out and visit Dad but has been good moral support for me. The other brother, Kurt, lives about 45 min away and the past couple years had very little contact with dad. And did nothing to help ...time or money.
    Shortly after Dad's funeral, I sent an email to both brothers stating a plan of action regarding the estate. I'd been to a tax attorney who advised against trying to hang on to the house between the 3 of us and none of us could afford to buy the others out. So we decided we would sell it. Because the irrevocable trust stated division of equal shares to the 3 of us -that's what has to happen. But my brothers always promised me I'd get more than them since I did all the work. Kurt responded with this: " I told you and promised you that I did not want anything for all that you have done. I stick with that. I could have never done what you did. And I am deeply appreciative of everything you did for Mom and Dad. It gave me time to work my business, deal with my children and pursue my interest, that hopefully, will bring some extra money in for my retirement."
    A week later he went back on his word and says he wants to keep his third and that my third is my compensation. ( I think it was his wife's doing)
    I know I am entitled to a trustee fee -but with dad's estate valued at only $450K that does not amount to anything close to what I expected. I was looking at something closer to 20% of each of their shares in lieu of a trustee fee. It could be gifted to me over a couple years. My brother Dave didn't think that was enough! Kurt said Dave could just give me is share. So - he's pretty irrational in his thinking.
    Since Kurt went back on his word -Now I have to submit for a standard and reasonable fee -which Kurt expects....as well as hard costs/purchases I made for house upkeep and Dad's care. Out of pocket costs and mileage. I have kept very detailed records since 2009. Everything has been documented. A pain in the ass, plus the trustee fee is is taxable.
    No one expected Kurt to act like this. And all along I told my dad -don't worry about me taking care of it all, my brothers will do the right thing in the end. I was wrong. My brother Dave is worried I will not be able to get Kurt to pay what's truly fair. Dad's care was so time consuming with visits/ phone calls etc. I am single, worked fulltime and managed dad -with no help.
    MY QUESTION: If I was doing all I did -expecting some compensation in the end based on my brother's promise -do I have any recourse? Is an email promise binding?
    I do have an attorney who is closing out the trust and helping me some -but he says my brother is kind of nuts and it would be too easy to rack up a lot of legal fees fighting this out and I'm probably better off just getting some expenses covered and a reasonable trustee fee. I seriously doubt my brother has the money to get his own attorney but I'm not sure I want to pursue it. and I don't want to take any more away from my other brother. I'm torn. It's Kurt's email stating exactly what we'd planned and his reneging that has me thinking twice. What's your take on it?
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