Irrevocable Living Trust
- 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.
- 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.