What is an irrevocable trust used for?

An irrevocable trust is a trust set up under Asset Protection Law in South Carolina that is used to protect assets from creditors. This type of trust is irrevocable, meaning it cannot be revoked or amended after it has been set up. The trust is designed so that the grantor (the person who sets up the trust) relinquishes all the rights and ownership of the assets in the trust. This makes the assets unavailable to creditors. The trust is administered by a trustee, who is responsible for managing the assets according to the terms of the trust by distributing them legally. The trust is usually set up so that the grantor can provide for their family or heirs after their death. This ensures that the assets will remain available to the beneficiary even if the grantor has outstanding debts. The trust may also be used to avoid estate taxes and probate fees. In general, an irrevocable trust is used to protect assets from creditors and other debts while providing for loved ones. It is important to make sure that the trust is set up properly to avoid any legal or tax implications for the grantor or their heirs.

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What is an irrevocable trust used for?

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