The Law offices of J. Vincent Perryman

Irrevocable Trusts in Memphis, TN

What is an Irrevocable Trust?

An Irrevocable Trust in Memphis is a Trust that cannot be amended, modified, changed or revoked. Once an Irrevocable Trust has been created, the terms of the trust agreement are unchangeable and cannot be changed for any reason.

Living Irrevocable Trusts

These Trusts are also called Inter Vivos Irrevocable Trust and are created and financed by a living Trust maker. Examples of Living Irrevocable Trusts include Irrevocable Life Insurance Trusts, Qualified Personal Residence Trusts, Grantor Retained Annuity Trusts, and Buildup Equity Retirement Trusts, Charitable Remainder Trusts, and Charitable Lead Trusts.

Testamentary Irrevocable Trusts

Almost all testamentary trusts are irrevocable. The reason is that testamentary trusts are created and funded after someone is deceased, so no one living has the ability to change the terms of a testamentary trust.

Why do I need an Irrevocable Trust

With a revocable trust, creditors can seize the property in the trust and the assets will still be subject to estate taxes. If the assets are placed in an irrevocable trust they are not taxed when the trust maker dies. Heirs don’t have to pay estate taxes. Assets are also protected from creditors. In some states the trust maker can be a beneficiary.

An irrevocable trust can’t be changed or amended, but there are exceptions that allow beneficiaries or the trustee to modify the trust. The administrator or protector of the trust can make changes to the trust details. If assets in a trust are sold, this terminates the trust.

If you would like more information or if you are in need of legal advice or legal assistance, please contact a Memphis Attorney.

4719 Spottswood
Memphis, TN 38117

PH: 901-347-0647
FX: 901-255-0745

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4719 Spottswood, Memphis, TN 38117
Ph: 901-347-0647
Fx: 901-255-0745

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