Business Definitions - A Living Trust - Irrevocable

A Living Trust - Irrevocable - Advantages and Disadvantages

A Living Trust Irrevocable - Definition

Advantages of a Irrevocable Living Trust

• You observe your trustee in action
• You avoid probate and court costs
• You probably will save some fees
• It is a good way to pass property to charity
• You save any taxes there may be on the property going to charity on your death
• With irrevocable charitable remainder trusts, created while you are living, you can get an income tax deduction during your life
• You may save taxes on capital gains on property placed in a charitable remainder trust

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Disadvantages of a Irrevocable Living Trust

• Property must be transferred, so there is initial cost in setting up the trust
• You lose all control over the property with most irrevocable trusts
• It requires annual fiduciary accounting and possible tax returns
• It may require payment of annual trustee fees
• There may be fees at the time of trust termination
• You can't change your mind and get the property back

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