What is an irrevocable trust?

An irrevocable trust is an estate planning tool that is used to protect assets in West Virginia and reduce the amount of taxes paid on them. In an irrevocable trust, the grantor (person who establishes the trust) relinquishes control over the assets and cannot amend or dissolve the trust without the permission of the beneficiary. This makes it more difficult for the grantor to access or use those assets, but it also means that the assets are not considered part of the grantor’s estate for tax purposes. An irrevocable trust also allows the grantor to appoint someone they trust to manage the assets and income generated from the trust on behalf of the beneficiary. This protects the assets from creditors, lawsuits, and other potential risks. In West Virginia, the trust is overseen by a trustee, who must follow the terms of the trust that the grantor has specified. An irrevocable trust is a powerful estate planning tool that can help West Virginia’s residents protect their assets and reduce their tax burden. It is important to work with an experienced estate planning attorney to ensure that your irrevocable trust is drafted correctly and that all legal requirements are followed.

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What is an irrevocable trust?

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