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Irrevocable trust refers to any trust where the grantor cannot change or end the trust after its creation. Grantors may choose a trust with such limitations to limit estate taxes or to shield assets from creditors.
An Irrevocable Trust means you can protect yourself, your loved ones and your estate against future legal action. It also means you can protect the financial future of your estate by avoiding substantial estate taxes.
If you are putting monies from a savings account into the trust then the Trustee must open the trust account. Once the account is open you can remove the savings from your account and deposit in the Trust account. This will probably require the Trustee to go to the bank to create a trust account.
Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.
Most banks prefer that you and your spouse come to a local branch of the bank and complete their trust transfer form. Typically this is a one or two page document that will ask you to list the name of your trust, the date of the trust and who the current trustees are.
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The definition of irrevocable is something that cannot be undone or changed. An example of irrevocable is a contract that, once signed, cannot be cancelled.
One or more deposit accounts in the name of an irrevocable trust are insured up to $250,000 for the non-contingent trust interest of each beneficiary. Separately, funds representing contingent interests are insured up to $250,000 in the aggregate.
A Simple Trust is a trust which makes no distributions other than current income. The trust terms require all its income to be distributed currently and do not provide for charitable contributions.
An Irrevocable Trust means you can protect yourself, your loved ones and your estate against future legal action. It also means you can protect the financial future of your estate by avoiding substantial estate taxes.
The downside to irrevocable trusts is that you cant change them. And you cant act as your own trustee either. Once the trust is set up and the assets are transferred, you no longer have control over them.

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