Irrevocable Trusts

An Irrevocable Trust also can be created during the grantor’s lifetime to achieve many planning objectives; however, unlike a Revocable Trust, it generally cannot be revoked or modified without judicial intervention or decanting provisions in the trust agreement.  Most Irrevocable Trusts are utilized to generate favorable tax benefits or for asset protection purposes.

Whether your goal is to support one or more charities, minimize transfer tax on distributions to lower generations, or preserve and protect assets, Odom Law also can assist with other sophisticated planning options, such as charitable trusts (CRTs and CLTs), qualified personal residence trusts (QPRTs), irrevocable life insurance trusts (ILITs), grantor retained annuity trusts (GRATs), intentionally defective grantor trusts (IDGTs) and other irrevocable trusts.