When you're considering setting up trusts, something you may want to consider is an irrevocable trust. Irrevocable trusts have a few benefits that you may not see with others.
Why? When you create an irrevocable trust, you're taking assets out of your hands. That means that you can:
- Protect your assets against creditors if you die with debt
- Assign assets to specific children, family members or friends
- Save money on your tax bill by limiting the value of your estate
There are many different kinds of irrevocable trusts, which is why it's a good idea to talk to your attorney about creating one if you're interested. Some possible kinds of irrevocable trusts to consider include:
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