Family
Jul. 12, 2022
Irrevocable trusts can be revised and revoked
Happily, an “irrevocable” trust can be revoked, and there are ways to make it responsive when parents change their minds in the future.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
Estate tax, capital gains tax, ordinary income tax and asset protection planning often require parents to set up irrevocable trusts for their children’s benefit now, while the parents are alive. Unsurprisingly, many parents do not find that attractive. Why not? One dictionary defines “irrevocable” to mean “not able to be changed, reversed, or recovered; final.” If the parents are in their 60s, and the children are in their 20s and 30s, forcing the parents to make an ...
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