Wilmington Irrevocable Trust Attorneys

Revocable trusts can be changed after they are initially established, but irrevocable trusts are different because they typically cannot be altered. The decisions are binding. Putting assets into an irrevocable trust means that the grantor no longer owns the assets as part of their personal estate.

This can be a complex process, but we can help here at the Law Office of Kevin A. O’Brien. We are a father-and-son team of attorneys with over 40 years of combined valuable experience in Wilmington. We prioritize transparent communication and pricing, with no hidden costs and no billing for initial consultations if you choose not to work with us moving forward. These are just some of the ways that we put our clients first.

Benefits Of An Irrevocable Trust

The general purpose of an irrevocable trust is to move assets out of a person’s name, and they then become the property of the trust. A beneficiary may eventually receive these assets under the guidance of a predetermined trustee, who can access the account.

There are some significant advantages to doing this in an estate plan, such as asset protection. Putting assets into a trust can protect them from divorce or creditor actions.

There can also be tax benefits, especially for those with a high-value estate. They may be worried about gift taxes if they give assets away in advance or estate taxes if they pass away while they still own those assets. But transferring assets into an irrevocable trust can reduce the size of a person’s estate and thus reduce the tax burden. This is sometimes an effective way to ensure that more of a person’s assets actually transfer to their chosen beneficiaries and direct family members, rather than simply going to satisfy tax requirements from the government.

Notably, irrevocable trusts have this benefit specifically because the grantor no longer owns the assets and generally cannot alter or revoke that trust at a later date.

Call For A Consultation

To meet with experienced estate planning attorneys in Wilmington, just call the Law Office of Kevin A. O’Brien at 302-888-2707 or use the online contact form to set up your initial consultation today.