Irrevocable Living Trust

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Advantages

  • You may save taxes on capital gains on property placed in a charitable remainder trust.
  • You see your trust work.
  • You observe your trustee in action.
  • You avoid probate and court costs.
  • 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.

Disadvantages

  • Property must be transferred, so there are initial costs and energy 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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