• Blog >
  • IRREVOCABLE VS REVOCABLE TRUSTS

IRREVOCABLE VS REVOCABLE TRUSTS

In California all trusts are presumed to be revocable by the persons that made them  unless the trust specifically  provides that it is irrevocable.  Revocable settlors (trust makers) can usually revoke these trusts during their lifetime, or remove any property that they put into them.  These are called  Grantor Trusts under the Internal Revenue Code and  do not require a separate income tax return or tax id number.

 

Revocable or Grantor  Trusts,  however, usually become irrevocable after the death of the settlors.   This is true unless  settlors give to someone such as their spouse the right to change the provisions of the trust.

 

Irrevocable trusts are considered  separate taxable entities and  require a separate tax ID number and income tax return.  Irrevocable trusts, can also be used for Special Needs Trusts for disabled persons, Medi-cal Trusts, Legacy Trusts,  Charitable Trusts, Insurance Trusts and  for some types of Asset Protection Estate Plans.

Feel free to contact us...

In order to help you more quickly, please fill out the quick form and submit. A representative of the firm will call you.

!
!
!

Our Offices

  • Santa Monica Office

    Address

    2221 23rd Street
    Santa Monica, California 90405, US

    Phone

    310-907-5715

  • Pasadena Office

    Address

    215 North Marengo Ave.
    Suite 160
    Pasadena, California 91101, US

    Phone

    310-907-5715