Irrevocable Trusts are an advanced estate planning tool generally used by individuals with large estates possibly subject to estate taxes.  (Estate taxes are assessed on estates of individuals dying in 2008 that are over $2,000,000, and on estates of individuals dying in 2009 that are over $3,500,000.  Estate taxes can consume nearly half of every dollar over these estate tax thresholds.) 

An irrevocable Trust is an arrangement in which the trust creator relinquishes control over the assets that are transferred to the Trust.  By relinquishing control over the Trust assets in the irrevocable Trust, the assets in the Trust are no longer considered to be a part of the trust creator's estate, thereby minimizing his or her estate tax exposure. 

The creation and ongoing management of irrevocable Trusts require caution and expertise.  The experienced attorneys at the Law Office of Jim Eimers can meet with you to discuss whether an irrevocable Trust may be appropriate for you and your situation.