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Irrevocable Trust

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irrevocable trust 

Irrevocable Trust

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Summary: An irrevocable trust may be considered when the estate owner's primary objective is to obtain federal estate tax savings. When property is placed in an irrevocable trust, the grantor is giving the property away permanently. Since the grantor no longer owns the property, it will not become part of the gross estate and will not be subject to federal estate tax.

Life insurance intended to pay federal estate tax may be the only asset an irrevocable trust will hold. If life insurance is purchased to pay federal estate tax, the objective of the irrevocable trust is usually to keep the insurance proceeds out of the grantor's estate and not subject it to tax.

This Irrevocable Trust Agreement will formally document your irrevocable trust and provide the tax benefits associated with such arrangements.  Full Preview Of The Irrevocable Trust (You must have Adobe Reader installed, get it free now )

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THE _____________________ IRREVOCABLE


      This Trust Agreement, made this ______day of ______________, ______, between ____________________________ as Grantor(s) and ______________________________________________as Trustee. 

      The Grantors, desiring to establish THE _______________ IRREVOCABLE LIVING TRUST, a charitable remainder unitrust within the meaning of Section 5 of Rev. Proc. 90-31 issued by the Internal Revenue Service and Section 664(d)(2) and (3) of the Code, hereby transfer to the Trustee, and the Trustee acknowledges receipt of, the property described in Schedule A attached hereto. The Trustee agrees to hold, manage and distribute said property and any additional property subsequently transferred to the trust in accordance with the provisions hereof.


      In this instrument, the following words or phrases shall have the meaning set forth next to them:

A.  "Grantors" - Said __________________________. 

B.  "Code" - The federal Internal Revenue Code of 1986 as from time to time amended.

C.  "Executor" - The one or more executors, administrators or personal representatives of an estate then serving, regardless of gender.

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