At Price Law Firm, APC, we believe that planning for the future shouldn’t be overwhelming. We are here to help you set up an irrevocable trust that protects your assets and secures your family’s future. Learn more about irrevocable trust and if you need one.

Irrevocable Trusts

An irrevocable trust is a legal tool where you permanently transfer your assets into a trust. Once you set it up, you can’t change or cancel it. This fixed nature might seem strict, but it comes with many benefits.

When you create an irrevocable trust, you give up control over the assets placed in it. The trust becomes its own entity and works according to its own rules. Here’s what you need to know:

  • Purpose: People set up these trusts to help reduce taxes on their estate, protect their assets from creditors and lawsuits, qualify for government benefits like Medi-Cal, and make sure their assets pass to the right people without the need for probate.

Irrevocable vs. Revocable Trusts

You might wonder how this differs from a revocable trust. The main difference is flexibility. A revocable trust can be changed during your lifetime, whereas an irrevocable trust is permanent. This permanence often means stronger protection for your assets and some tax advantages that a revocable trust cannot offer.

The Advantages of an Irrevocable Trust in California

Choosing an irrevocable trust can give you peace of mind in many ways. Here are some of the benefits:

  • Asset Protection: Your assets are shielded from creditors, lawsuits, and even divorce settlements.
  • Tax Efficiency: The structure of the trust may lower estate and gift taxes, potentially reducing the burden on your heirs.
  • Medi-Cal Eligibility: By moving your assets into the trust, you might qualify for long-term care benefits without using up your savings.
  • Probate Avoidance: Assets in the trust can pass directly to your beneficiaries, avoiding the public and often lengthy probate process.
  • Beneficiary Safeguards: The trust can include measures to protect your heirs from financial mismanagement or other challenges.

Is an Irrevocable Trust Right for You?

We know that every situation is unique, and you might be asking, “Is this the right choice for my family?” Consider these common scenarios:

  • High-Net-Worth Individuals: If you are looking to reduce estate taxes, an irrevocable trust might be the answer.
  • Professionals at Risk: Doctors, lawyers, and business owners often face risks that could put personal assets in jeopardy. An irrevocable trust offers added protection.
  • Families Planning for Benefits: If you are arranging for long-term care or setting up a fund for a family member with special needs, this trust can keep essential benefits intact.
  • Those Concerned About Creditors: Whether you worry about future lawsuits or creditors, transferring assets to an irrevocable trust could offer the safety net you need.

Exploring Different Types of Irrevocable Trusts In California

There isn’t just one kind of irrevocable trust, and each type serves a different purpose. Here are a few common types:

  • Asset Protection Trusts: Designed to keep your business or personal assets safe from creditors and legal claims.
  • Special Needs Trusts: Created to ensure that government benefits remain available for disabled heirs while still providing for their needs.
  • Charitable Remainder Trusts: Allow you to donate part of your estate to a charity while still receiving income during your lifetime.
  • Medi-Cal Planning Trusts: Help you qualify for long-term care coverage by protecting your assets.
  • Life Insurance Trusts: Remove life insurance proceeds from your taxable estate, keeping them safe for your heirs.
  • Qualified Personal Residence Trusts (QPRTs): Let you remove your primary or vacation home from your taxable estate while still enjoying the property during your lifetime.

Each option has its own rules and benefits. We will work closely with you to decide which one best suits your future plans.

Your Trusted Irrevocable Trust Attorneys in Redlands

At Price Law Firm, APC, we take pride in helping you set up an irrevocable trust that meets your needs. Here’s how we can help:

Our Services Include:

  • Trust Design and Implementation: We work with you to create a trust that fits your financial goals and personal situation.
  • Tax Strategy Integration: Our team ensures that your trust aligns with current federal and California tax laws.
  • Compliance and Administration: We help make sure your trust follows all legal rules and regulations, giving you peace of mind.
  • Trust Modification: If changes are needed later on, we assist with modifications that are approved by the court.
  • Estate Planning Integration: We make sure that your irrevocable trust works well with your overall estate plan.

Why Work With Us?

  • Experienced Leadership: R. Sam Price is well-known in estate planning, trust, and probate law. His work has helped many families secure their future.
  • Dedicated Team: From Attorney Rosa Marquez and our Client Care Specialist Brandie Cooper to Legal Administrative Assistant Mia Garduno and bilingual front desk coordinator Elila Ortega, our team cares about you.
  • Local Presence: We are proud to serve the Redlands community, ensuring you get help from people who know the local legal environment well.

We aim to make the process straightforward and clear so that you feel comfortable every step of the way. There is no one-size-fits-all approach; we listen to your story and work with you to protect what matters most.

Secure Your Future with an Irrevocable Trust

We know that planning for the future can feel like a lot to handle, but you are not alone. At Price Law Firm, APC, we are here to help make setting up an irrevocable trust as smooth as possible. If you have questions or are ready to start, please reach out to us.

Call us at 909-328-7000, visit us at 454 Cajon Street in Redlands, CA, or fill out our online contact form. 

We look forward to hearing from you and helping you protect your legacy.