An Irrevocable Trust ensures that your wishes are carried out during your lifetime and after to protect those you care most about.
Irrevocable Trusts meet a wide range of individual and family needs, including:
- Providing for disabled children or grandchildren
- Shielding family assets from divorce proceedings
- Protecting family members afflicted with health or substance abuse problems
- Keeping assets within the family
- Protecting family assets from Spendthrifts
Pros and Cons
An Irrevocable Trust avoids estate taxes so long as the grantor has no retained interest in the trust, but it may incur gift taxes under some circumstances. Balancing these benefits, an Irrevocable Trust puts the assets beyond your use and eliminates any possibility for you to change your mind at a later date. It therefore requires careful thought and skillful planning.
Haverford has more than 30 years of experience in trust administration. We work with you, your attorney and advisors to develop a trust document that meets your unique tax and estate planning needs. If you name us as your trustee, we can administer the trust and ensure that its terms are carried out as you would wish.