Five-star wealth manager Albert “Al” Manfre has worked with more than 20,000 clients over his decades-long career as a financial planner. Al Manfre has presided over Heritage Financial Services since 1990. The company specializes in insurance, investment, and long-term estate planning strategies such as revocable and irrevocable living trusts.
Irrevocable living trusts are an asset protection strategy that allows the grantor to cede control of their property and other assets to a third-party. These types of trusts are used to reduce tax liabilities and prevent creditors from seizing assets.
In California, irrevocable trusts can be modified in some situations. For example, trusts can be set up to provide the grantor with the power to make changes. Modifications can also be made if all named parties agree to the changes.
California law doesn’t protect assets in an irrevocable trust from debts from alimony, child support, or back taxes. Most trusts are not public record in the state. There is an exception for trusts that contain real estate. In this case, all information about the property transfer can be publicly accessible.
Irrevocable living trusts are an asset protection strategy that allows the grantor to cede control of their property and other assets to a third-party. These types of trusts are used to reduce tax liabilities and prevent creditors from seizing assets.
In California, irrevocable trusts can be modified in some situations. For example, trusts can be set up to provide the grantor with the power to make changes. Modifications can also be made if all named parties agree to the changes.
California law doesn’t protect assets in an irrevocable trust from debts from alimony, child support, or back taxes. Most trusts are not public record in the state. There is an exception for trusts that contain real estate. In this case, all information about the property transfer can be publicly accessible.
