0
You can sue an irrevocable trust in any court as long as the claim is against the trust itself and not the individuals involved in the trust. A trust is considered a legal entity and property owned by it is subject to the trust's debts. The fact that it is a trust as opposed to a person or company makes no difference.
What else can I help you with?
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.
What are the benefits of a irrivocable trust regarding law suits?
If you get sued for any reason, the plaintiff cannot get at your property that has been properly transferred to a PROPERLY DRAFTED irrevocable trust. A poorly drafted trust can leave your property exposed to creditors.
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
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
What does it mean that you cannot get the assets back in a revocable trust?
You CAN get the assets back in a revocable trust. You CANNOT get the assets back in an irrevocable trust. An irrevocable trust cannot be terminated by the settler once it has been created. The settler transfers their assets into the trust and no longer has any rights of ownership in that property or the trust. The main reasons for setting up an irrevocable trust are estate planning and tax purposes. Generally, assets in an irrevocable trust are shielded from creditors.
If the grantor and the trustee are the same person in an irrevocable trust can they revoke any or part of that trust from the beneficuary?
In short no, an Irrevocable Trust cant be legally revoked by either party.
Under what circumstances can the IRS seize an irrevocable trust?
The IRS can seize an irrevocable trust if the trust owes unpaid taxes and the assets within the trust are considered part of the taxpayer's overall assets.
