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Attorney2, Attorney
Category: Estate Law
Satisfied Customers: 6890
Experience:  29 Years in General Practice and Estate Planning
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Is it legal to move assets out of a 2005 irrevocable trust

Customer Question

is it legal to move assets out of a 2005 irrevocable trust into a survivors trust in 2014
JA: Estate laws vary by state. What state are you in?
Customer: calif.
JA: What documents or supporting evidence do you have?
Customer: all financial documentation
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 8 months ago.
Category: Estate Law
Expert:  Attorney2 replied 8 months ago.
Welcome to JA and thank you for your question. The terms of the irrevocable trust should set out what can and cannot be done by the trustee. Do you by any chance have a copy of the trust that you could attach?
Expert:  Infolawyer replied 7 months ago.

I see the other expert opted out. I can take over from here.

Expert:  Infolawyer replied 7 months ago.

Assets can move from an irrevocable trust into such a trust provided the current trust permits it. In all events, the movement out of a trust though loses the protection of the trust and its terms, so it is important to ensure the terms of the trust provide for protection from creditors.

Expert:  Infolawyer replied 7 months ago.

Let me know if that is clear, and if I may clarify anything, reply and ask me.

Expert:  Attorney2 replied 7 months ago.

I am not sure why the site opted me out it would still be my pleasure to assist you. Sorry for any confusion.