What Is an Irrevocable Trust?

An irrevocable trust is an estate planning and asset protection tool that provides creditor protection and gives the grantor extended control over the assets. With an irremovable trust, the grantor gives away the asset to the beneficiaries during the grantor’s life. Because the asset is for the benefit of the beneficiaries and not the grantors, creditor of the grantor can’t reach it because it is in a trust, creditors of the beneficiaries can’t reach it either. The only downside to an irrevocable trust is that upon the execution, the grantor loses control of the asset, even while he is alive.

To learn more about irrevocable trust visit http://wfplaw.com/Irrevocable-Trusts.html or you can call WFP at 954-944-2855 today for a free consultation.

Wild Felice & Partners, PA
Attorneys at Law
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Suite 201
Fort Lauderdale, Florida 33324