What is an irrevocable trust?

An irrevocable trust is a type of legal agreement that enables a person to transfer their assets to another party so that they are not countable for tax or other liabilities. This type of trust is typically used in disability planning law for individuals who are no longer able to make decisions for themselves. The trust is created under the direction of the trustmaker and can not be amended or changed without the permission of the trustmaker. Once an irrevocable trust is created, the trustmaker no longer owns the assets that have been given to the trust. This means that the assets are no longer subject to taxation or other liabilities that the owner may have incurred. The trustmaker assigns a trustee to oversee the trust. This person is responsible for managing the trust and overseeing the distributions of the assets to the designated beneficiaries. In South Carolina, irrevocable trusts are frequently used in disability planning law to provide for the long-term care and financial support of individuals who are no longer able to make decisions on their own. In addition, irrevocable trusts can also be used to protect assets from creditors and to provide financial assistance to family members. It is important to consult a qualified attorney to understand the legal implications of creating an irrevocable trust. It is also important to ensure that the trustmaker has designated the right individuals as beneficiaries and trustees and that the trust is in compliance with South Carolina state law.

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What is an irrevocable trust?

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