An estate planning lawyer who helps you prepare for the future
Another type of trust that is sometimes used as part of an estate plan is an irrevocable trust. There are advantages and disadvantages to this type of trust, but it can be effective and appropriate in some situations. Hongo Law Office, LLLC can help you determine if an irrevocable trust could work well for you.
Estate planning attorney Yuka Hongo meets with clients in Japan and Hawaii to help them prepare for the future. She has worked in Japan and the United States, understands the culture of both countries and has excellent bilingual skills. She has the experience and legal knowledge needed to help you create an estate plan that meets your needs.
A trust lets you decide what happens to your property
An irrevocable trust is one that you can’t change once it is set up. All the assets in the trust will go to the beneficiaries you name after you are gone. Once the trust is created, however, you give up control over those assets. An irrevocable trust can only be modified or ended with the permission of all beneficiaries.
This type of trust can be a good option for transferring your assets to family members after you are gone while reducing their tax burden. You set conditions for the distribution of assets – for example, when a beneficiary reaches a certain age. There are also certain benefit for the person who creates the trust.
The main benefit of an irrevocable trust is that it legally removes assets from your estate. This reduces the amount of estate taxes that would need to be paid after death. These assets would also be protected from creditors. Irrevocable trusts may also be a good option for people who work in professions where there is a high risk of lawsuits.
Irrevocable trusts are complicated and costly to set up. Because they are not flexible, it’s important to plan carefully before setting one up. Life can bring many changes, and there may be situations where you need access to certain assets. Once you transfer assets into an irrevocable trust, you no longer have control over them.
Contact us to learn more about trusts
Assets including bank accounts, stocks, bonds, insurance policies, business interests and real estate can be put into an irrevocable trust. An experienced estate planning attorney can help you determine which assets are best suited for this type of trust.
Irrevocable trusts can be an important part of a comprehensive estate plan in some situations. They give you some control over what happens to your assets and provide some protections. There are risks, as well. That’s why it’s important to talk to an experienced estate planning lawyer about your needs.
Attorney Hongo can meet with you to discuss your financial situation, talk about your goals, go over your options and help you create an estate plan. She can guide you through the process every step of the way until you have a plan in place that gives you a sense of comfort and security about your family’s future.
Contact us to schedule a consultation. Attorney Hongo meets with clients in her Honolulu office and also in Japan, which she typically visits twice a year.