Category Archives: Irrevocable Trust
Three Big Mistakes to Avoid When Setting Up an Irrevocable Trust in New Jersey
An irrevocable trust is a type of trust that cannot be changed by the person who created it (the grantor). It is governed by the New Jersey Uniform Trust Code (NJUTC). There are a number of potentially advantages associated with irrevocable trusts, but they must be set up properly. Too many people make avoidable… Read More »
Why Set Up an Irrevocable Trust Instead of a Revocable Trust?
A trust can be one of the most effective, efficient estate planning tools. These are many different types of trusts—including those that can be changed (revocable trusts) and those that cannot be changed (irrevocable trusts). This raises an important question: Why would you set up an irrevocable trust instead of a revocable trust? The… Read More »