Preserving Your Assets With The Help Of Irrevocable Trusts
The creation of an irrevocable trust can help protect your family from estate taxes and preserve your assets so that they will be distributed as you see fit. This is accomplished by removing assets from your estate and placing them into the trust.
I am Memphis-based attorney Mike Parham. I understand the complexities of Tennessee estate law and can help guide you through the trust creation process. To learn more about the benefits of establishing an irrevocable trust, call 901-602-3361 to schedule an initial consultation.
What Does An Irrevocable Trust Look Like?
Unlike a revocable trust, an irrevocable trust is permanent and cannot be changed. In effect, you will be locking up certain assets that will no longer be in your name. However, you will have control over how the funds in the trust are to be distributed in the future.
Some of the benefits of this type of trust are that interest and investment earnings help increase the value of the trust, rather than your personal assets. An irrevocable trust also serves to place assets out of the reach of creditors and legal judgments. This can help ensure that your wishes will be carried out as you see fit, and enable you to provide support to your loved ones and organizations that are important to you.
Contact A Lawyer For Help With Your Estate Planning Needs
Irrevocable trusts can be complicated, especially when it comes to tax issues. It is essential that these trusts are prepared and drafted carefully with the help of skilled legal counsel. To speak with me about your estate planning options, please call 901-602-3361 or contact me online to schedule an initial consultation.