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Setting Up an Irrevocable Trust
Establishing an irrevocable trust involves several critical steps. First, you'll need to determine which assets to transfer into the trust and identify the beneficiaries. It's crucial to work with a qualified estate planning attorney to draft the trust document, ensuring it complies with state laws and accurately reflects your wishes. The cost of setting up an irrevocable trust can vary widely, typically ranging from $1,000 to $5,000, depending on the complexity of your estate and the specific type of trust5.
Real-World Applications
Consider the example of a business owner who wants to protect their business assets from future creditors. By placing the business into an irrevocable trust, they can secure their assets while still retaining some control over business operations through the trust terms. This strategy not only protects the assets but also ensures a smooth transition of ownership to the next generation3.