What is an irrevocable trust?

An irrevocable trust is a type of legal arrangement in North Carolina that allows someone to transfer their assets to a trustee on behalf of another recipient. The trustee then holds and manages the assets for the benefit of the recipient. This type of trust cannot be revoked or changed by the grantor once the transfer is complete, meaning it is an irrevocable trust. The benefit of an irrevocable trust is that the assets are no longer held and owned by the grantor, so they are usually protected from creditors and other parties trying to go after them for things like taxes or lawsuits. However, once assets are transferred into an irrevocable trust, the grantor usually no longer has control of them. These types of trusts can be beneficial for estate planning in North Carolina as they can help minimize estate taxes, protect assets from creditors, and provide for the grantor’s dependents. Furthermore, irrevocable trusts allow property to pass to beneficiaries without having to go through probate court. Overall, an irrevocable trust is a type of legal arrangement in North Carolina that allows you to transfer assets to another party, with the benefit of having those assets no longer under your control or ownership. This type of trust is beneficial for estate planning purposes as it allows you to protect assets from creditors and minimize estate taxes.

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What is an irrevocable trust?

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