Irrevocable Trusts in Madison, WI

Helping Clients Create Trusts for a Variety of Purposes

An irrevocable trust is a trust that cannot be changed or revoked by the person who created it. A revocable trust, on the other hand, can be modified or revoked at any time by the person who created it. When a trust is created, the person who creates it is called the grantor, and the trustee is the person who is responsible for managing the assets in the trust.

When a trust is created, it is important to designate a successor trustee, who will take over if the original trustee is no longer able to fulfill that role. It is also important to designate a backup successor trustee, in case the first backup is no longer able to fulfill that role.

The assets that are held in an irrevocable trust are often referred to as trust property. The trustee is responsible for managing the trust property in the best interests of the beneficiaries of the trust. The trustee is also responsible for paying any taxes that are due on trust property, as well as any expenses that are related to trust property.

Our team of Madison estate planning attorneys can help you determine whether an irrevocable trust is the best option for your situation. We will work with you to create a trust that meets your specific goals, while also taking into account the tax implications and other legal concerns. We can also help you manage your trust after it has been created to ensure that it is meeting your needs.

For more information about irrevocable trusts or to speak with a member of our team, please call (608) 292-5185 or contact us online.

Parties to an Irrevocable Trust

The grantor, the trustee, and the beneficiaries of an irrevocable trust are all considered to be parties to the trust. A trustee who is managing an irrevocable trust must act in good faith and must act only in the best interests of the beneficiaries of the trust. The trustee must also take care to avoid conflicts of interest, and must avoid any self-dealing or other transactions that may be in their own best interests, but may not be in the best interests of the beneficiaries.

Benefits of a Irrevocable Trust

An irrevocable trust can be very useful for a variety of purposes, including:

• Planning for a child's education
• Protecting a family member with special needs
• Providing for a spouse after the death of a spouse
• Managing assets for a disabled person
• Managing assets for a minor
• Managing assets for future generations
• Managing assets for a business
• Preparing for retirement
• Managing assets during a divorce
• Managing assets after a divorce
• Managing assets during incapacity
• Managing assets during a guardianship

Why an Irrevocable Trust?

An irrevocable trust is a flexible option that can be used in many different situations. It can be very useful for situations where the assets that are in the trust need to be protected from creditors or in situations where the assets that are in the trust need to be protected from the beneficiaries themselves. An irrevocable trust can also be a good option in situations where the assets in the trust need to be invested in a way that is different from the way that the grantor would have invested them.

An irrevocable trust can be a good option in situations where the grantor needs to retain control over the assets in the trust but does not want to have to worry about the tax implications of taking distributions from the trust. An irrevocable trust can also be a good option in situations where the grantor is concerned about potential beneficiaries who may be irresponsible with money or who may not have the best interests of the trust at heart.

An irrevocable trust can also be a good option in situations where the grantor is concerned about potential beneficiaries who may be minors and who may not have the best interests of the trust at heart. An irrevocable trust can also be a good option in situations where the grantor is concerned about potential beneficiaries who may be minors and who may not have the best interests of the trust at heart.

Contact Our Madison Irrevocable Trust Lawyers 

Discover if an irrevocable trust suits your needs with our Madison estate planning attorneys. We'll craft a tailored trust, considering taxes and legal matters, and provide ongoing management support.

For more information about irrevocable trusts or to speak with a Madison irrevocable trust lawyer please call (608) 292-5185 or contact us online.