When you are putting together your estate plan, work with a Dayton estate planning attorney who can ensure you include all the most important components. At Rieser & Marx, LLC, we work with you to learn about your individual situation, as well as your goals, in order to build a thorough estate plan which meets your needs. One component we may recommend is an irrevocable living trust.
There are several types of irrevocable trusts that are utilized for different circumstances, but the main component that makes a trust irrevocable is that once it is drafted and executed it cannot be changed. There are two main goals of an irrevocable trust, which are to reduce your tax liability and protect your property.
Irrevocable trusts can be used to ensure that an amount of money or property given to an heir will last for a defined period of time. They are intended to define how much money an heir receives by creating a schedule that makes payments to them over time. These are all important components of a trust which you can discuss with a Dayton estate planning attorney from our firm during your initial consultation.
Whether you have already selected the type of irrevocable trust that works best for your situation or are just getting started, we can help you work through the process. There are many benefits to irrevocable trusts, but they also require great legal knowledge and skill, as they cannot be changed once they are set up. Our experienced Dayton estate planning attorneys are here to ensure that everything is set up properly. Contact Rieser & Marx, LLC online to request more information.