What is an irrevocable trust?

An irrevocable trust is a type of trust that cannot be revoked, changed, or altered in any way once it is finalized. This type of trust is used in Estate Planning Law in Nebraska to help protect assets and provide for future generations. It is a contract between a grantor (the person who sets up the trust) and a trustor (the person who holds and manages the assets in the trust). The trustor must manage the assets in the trust according to the instructions of the grantor. Generally, the assets are titled and managed in the name of the trust which makes it easier to pass on the assets to beneficiaries without significant taxes or costs. An irrevocable trust is an effective way to protect assets and avoid probate in Nebraska. It can also be used to minimize gift and estate taxes, provide income tax advantages, and protect assets from creditors. When an irrevocable trust is established in Nebraska, it cannot be revoked, unless the trust agreement allows it. This can be beneficial to those who want to ensure their assets remain protected and passed on to future generations.

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