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The short answer is NO, no way, no how, not a chance. The long answer is how long ago was the irrevocable trust fund set up? And did the person setting it up know a lawsuit was on the way? In other words, does it look to a judge that money was purposely put in an irrevocable trust fund in order to avoid garnishment? If it was set up 12 or more months ago, it's as safe as money can be. If the whole thing looks suspicious, a judge could garnish but this almost NEVER EVER happens. There is one other issue, is it child support that would be the garnish? If so, I think a judge might ignore the fact that it's irrevocable. The courts always put an innocent child first so if it's unpaid support, it could be at risk. I have a few different irrevocable funds left by my dad. I was able to change the trustee (the person in charge of distributing the $$ in the fund to me because I was a minor) on one of them but only because that person agreed to step down. He was in prison for the felony of embezzling money..... FROM ME, and I still needed him to step down.
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∙ 16y ago
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Is an irrevocable trust a living trust?
Yes. There are two types of trusts, living (intervivos) and testamentary. The living trust is created by a living person(called the settlor or trustor). The testamentary trust is created by the will of a deceased person. Living trusts are designated as either revocable or irrevocable depending on the authority of the settlor. If the settlor has the power to cancel or revoke the trust, it is a revocable trust. If the settlor has no power to revoke it then it is an irrevocable trust. Since the revocable/irrevocable distinction is determined by what the settlor can do while he or she is alive, the trust had to have been made during the settlor's lifetime. Hence, an irrevocable trust is a living trust. On the other hand a trust that is set forth in a person's will is revocable during the life of the testator simply by a modification of the will through a codicil. Once the testator has died that trust becomes irrevocable.
Can you be the trustee of your own irrevocable trust?
No. You cannot maintain any control over the assets in a irrevocable trust. Doing so will cause the trust to fail and leave you exposed to creditors and taxes.
How do you end an irrevocable trust?
The manner by which the trust can and should be terminated should be recited in the trust document.
In regards to finance what does the term irrevocable trust refer to?
In regards to finance the term irrevocable trust refers to trust that can not be changed or ended without permission of the beneficiary. The grantor removes all of his or her rights to both assets and the trust.
Is it possible to break a irrevocable trust?
You can break an irrevocable trust only if there was some legal error involved in the establishment of that trust. If there was an error, you can then go to court and ask to have the trust invalidated on the grounds of that error. If there was no error, then no, you cannot break it.
Can a trustee use the income from an irrevocable trust?
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
How can you tell if a trust is irrevocable?
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
What is the difference between credit shelter trust and irrevocable trust?
What is the difference between credit shelter trust and irrevocable trust?
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
Can a testamentary trust be revocable?
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
Can the funds in a Revocable Living Trust be garnished?
An indivisdual owes me money. He also owes two other individuals. Rather than pay us he is setting up a trust. I am trying to find out if this trust that he is just now setting up be garnished so that I can get my money back.
Can an irrevocable trust be changed by the trustor?
In general, irrevocable trusts cannot be changed by the trustor once they are established. These trusts are designed to be permanent and the trust assets are no longer considered part of the trustor's estate. However, some irrevocable trusts may include provisions that allow for certain changes to be made under specific circumstances.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
Where can I get more information for an irrevocable trust?
You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law
How can you desolve an irrevocable trust.?
To dissolve an irrevocable trust, you typically need the consent of all beneficiaries and the trustee, as well as court approval in some cases. Additional requirements may vary depending on the specific terms of the trust and applicable state laws. It is advisable to seek the guidance of an attorney specializing in trusts and estates to navigate the process successfully.
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
