Irrevocable Trusts Are Terrible! (Here's Why)

Using an irrevocable trust, like a special needs trust, can be an effective tool for probate administration, probate avoidance, asset safeguarding, utilizing the gift exemption, and proper estate distribution. However, you'll need to form the trust correctly. This is especially true, if you're dealing with Probate Georgia, Probate San Diego, or you want to retire early.
In most cases, you'll need to use a professional trustee. You'll also need a trustee plus designated beneficiaries. And you'll need this beneficiary designation, because every trust must have trust beneficiaries. Your trust will also need to survive any probate challenges, as the cost of probate is significant.
Irrevocable trusts have also worked their way into pop culture. In this episode, we study billionaires. Rupert Murdoch, the head of Fox News, wants to change his irrevocable trust. When Murdoch steps down, he wants his son Lachlan Murdoch to lead Fox News. We'll also discuss how to manage family dynamics.
For more episodes on trusts please watch:
Direct Answers Episode 9 - Don't use trusts for asset protection: • Don’t Use Trusts For A...
Direct Answers Episode 39 - Common trust misconceptions: • Know This Misconceptio...
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DISCLAIMER: The contents of this video are NOT LEGAL ADVICE and do not apply to your specific circumstances. This information is provided for general informational and educational purposes only. Viewing this video DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. We highly encourage you to seek professional legal advice before acting or relying on any information contained in this video.