What is an irrevocable trust?

An irrevocable trust can provide beneficiaries with financial security and, in some cases, tax advantages. There are many irrevocable trust types to choose from depending on your unique circumstances. An irrevocable trust can help to minimize estate taxes, protect assets, provide for a child with special needs or leave a charitable legacy, for example.

Can an irrevocable trust be changed?

Generally, no one can change an irrevocable trust after you establish it. However, some state laws do allow changes in limited circumstances.

Types of irrevocable trusts

Setting up a charitable trust

Charitable trusts provide support for specific charities by setting up one of the following types of irrevocable trusts.

Charitable lead trust

You direct an income stream to qualified charities for a specified length of time. After this time expires, the remaining assets are distributed to named individuals, usually family members.

Charitable remainder trust

You direct an income stream to a beneficiary such as yourself or your spouse. After the death of the last income beneficiary or a specified term of years, the remaining assets are distributed to qualified charities.

Center for Family Philanthropy from U.S. Bank

We partner with you to help:

  • Align your giving strategies with your values and goals to create meaningful experiences for your beneficiaries.
  • Coordinate between your financial advisor, attorney and other professionals to make charitable giving a part of your overall wealth plan.
  • Create a lasting impact for your family and community.

Consider the location of your irrevocable trust.

When setting up an irrevocable trust, choose a location – or situs – where the state laws are favorable to your long-term vision.

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