You can then bequeath this remaining limited partnership interest to your children’s trust.You have hundreds of ways to effectively combine trusts, FLPs, LLCs, and corporations to achieve various lawsuit protection, tax, and estate planning objectives.must use an irrevocable trust, relinquish control, and beneficial interest, and still your trust assets may be seized as a fraudulent transfer.
irrevocable trust disadvantages, most people choose other methods to protect their assets.
An irrevocable trust can protect only against future creditors.
You should only transfer assets to an irrevocable trust when you are confident that you have no present creditors.
Your price, then, is not particularly heavy, if you do not foreseeably need the assets, and the trust will now accomplish what you would eventually do irrevocable intervivos trust.
First, reserve no power to revoke, rescind or amend the trust, or retain any rights − directly or indirectly − to reclaim property that you transfer to the trust.