An irrevocable trust is an estate planning and asset protection tool that provides creditor protection and gives the owner of the estate extended control over the assets. The grantor gives away the asset to the beneficiaries during the grantor’s life, however since the asset technically belongs to the beneficiaries and not the estate owner, creditor can’t touch it. And because it is in a trust, creditors of the beneficiaries can’t reach it either. Your Fort Lauderdale estate planning attorney can explain the advantages and disadvantages of an irrevocable trust. Call WFP at 954-944-2855 today for a free consultation.
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