We Create Irrevocable Trusts to Help Meet Your Family and Personal Needs
Preparing an estate plan when you are ready to place assets into a trust without future revision
An irrevocable trust does not allow the person setting up the trust to make changes once it is established. Estate & Elder Law Services represents many senior citizens and younger clients for whom an irrevocable trust may be a worthwhile option. Provided clients do not receive income themselves from the trust and that they won’t need to change trust conditions and beneficiaries, properly structured irrevocable trusts can shield trust assets from personal creditors.
Delaware offers some flexibility with respect to irrevocable trusts
Irrevocable trusts are usually unchangeable once established. But Delaware has a so-called “decanting statute” that provides a trustee the ability to pour the assets of an irrevocable trust into a new or second trust to deal with certain administrative issues, including the power to add, change, remove or appoint trustees. In addition, the trustee of an irrevocable trust may petition the Delaware Chancery Court to amend its terms to address beneficiary needs. The flexibility offered by the Delaware statute is limited in nature but does create an opportunity to address certain issues that would otherwise remain problematic in the context of irrevocable trusts. At Estate & Elder Law Services, we advise clients on these issues during the estate planning process when deciding what type of trusts are appropriate and also work with trustees to implement permissible changes under state law.
Use of a dynasty trust in Delaware for future generations
There are many types of irrevocable trusts to be considered during estate planning. One form of irrevocable trust in Delaware is the so-called dynasty trust or generation-skipping trust. Unlike most states, Delaware does not limit the life span of a trust. This means that a dynasty trust can be established that lasts in perpetuity and provides income for many future generations. Flexibility with respect to investment decisions and privacy makes a dynasty trust especially attractive. An experienced estate planning attorney can help you navigate the issues and opportunities that exist with respect to dynasty trusts. At Estate & Elder Law Services, we assist clients in considering and executing all forms of irrevocable trusts, including dynasty trusts and asset protection trusts.