If you plan to set up an irrevocable trust, it helps to hire a good attorney to walk you through the process. Philadelphia irrevocable trusts cannot be changed or canceled without getting permission from the beneficiaries named in the trust. This also leaves the grantor in a position to contribute to the trust without the option of withdrawing from the trust. Why do people use an irrevocable trust if there are so many limitations? The tax benefits of Philadelphia irrevocable trusts are worth it for individuals that are taxed at a higher income level. The other nice thing is the trust is set up and changes cannot be made which is nice if you feel that your mental capacities are starting to dwindle and you want to make sure your final wishes are carried out while you can still remember them.
Some of the things that go into Philadelphia irrevocable trusts usually involve the transfer of assets such as real estate and financial investments. When the property is given away to the primary beneficiary, the grantor no longer owns it and they no longer need to pay federal income taxes on it because it is not part of your estate.
Philadelphia irrevocable trusts are quite different from other things like a living will so it’s a good decision to meet with an attorney to set it up. You also need to discuss the trust with the beneficiaries and discuss any foreseeable changes to it so they know that they may need to give consent to have it changed. Since an irrevocable trust is a permanent thing, you need to take time to research it and to make sure this is the best option for your assets and for your beneficiaries. This is where our experienced staff members can help. We will be able to provide you with all the answers you need when you are researching irrevocable trusts and trying to determine if it is right for you. Contact our law offices as soon as possible so we can get started on securing your assets for your loved ones and to start saving you money on your federal income taxes.