Irrevocable Trusts Education

Introduction to Irrevocable Trusts

An irrevocable trust has many benefits. It lets you control your assets during your life through your trust agreement instructions as well as years after you have passed if you decide. It specifies who, what, and when others will receive your assets after you die, of course, and it will help your beneficiaries avoid the probate-related expenses and delays normally associated with wills. Probate is required if the value of your probate estate exceeds a relatively low amount depending on the state you live. Probate can last longer than two years and may be delayed by factors beyond the control of you or your beneficiaries, like overcrowded court and attorney schedules. The probate process can cost up to 10% of your estate's value.

But irrevocable trust's do some much more important things that a living revocable trust cannot do.

Irrevocable trusts can provide privacy not only after your death through the avoidance of probate, but more importantly, while you are still alive . Wills must be submitted to a probate court – and therefore made public – irrevocable trusts need not be. Assets in an irrevocable trust means that an attorney won't find them when doing a search because you no longer legally own them. If you don't own them, the attorney cannot put a lien on them and will likely not take a legal case against you because they won't be able to collect. Irrevocable trusts will also help you avoid estate taxes. Any assets that you have repositioned to the trust are not assets that are available in the calculation for estate taxes.

Assets in an irrevocable trust are also not considered as marital assets in a divorce. This means when properly executed, they cannot be calculated as part of the equitable distribution during a divorce.

This Irrevocable Trust Education Center was created to answer some of the most common questions about irrevocable trusts and to help you understand what a irrevocable trust can do for you.

Additional Videos/Reading:

Top 7 Differences between an Irrevocable Trust and a Revocable Living Trust

Will vs. Living Revocable Trust

Irrevocable Trust vs. a Life Estate

Irrevocable Trust Divorce & Equitable Distribution

Definition of a Irrevocable Trust

A trust is an arrangement in which one person manages or takes care of property for someone else's benefit. A irrevocable trust is a trust that is created during your lifetime. In other words, while you are still alive, you transfer title to your property from your name to that of the irrevocable trust. You can use the trust to gather your property under one document, so that the property is private while you are alive and it is distributed efficiently after your death.

When you put your property into a trust, the trust owns the property - you are no longer the legal owner of the transferred property. This doesn't mean that you cannot live in the same home or drive the same car. You can do whatever you want with it through the trust - the trust can leave it alone, take it out, sell it, or allow you to use it as you had been before the trust was created. An irrevocable trust is an easy way to organize your assets and manage them as a single unit. Most importantly, an irrevocable trust makes sure that everything is private and protected from creditors, an ex-spouse, the estate tax, probate court, and the nursing home while eventually to be distributed after your death efficiently.

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A irrevocable trust is created by a document called a declaration of trust or trust agreement. The declaration of trust (or trust agreement) includes the names of your trustees, beneficiaries, describes the trust property, and provides the terms of the trust and property transfers.

Additional Videos/Reading:

What is an Asset Protection Trust?

Senior Medicaid Asset Protection

Comparing Living Trusts and Last Wills

Comparing Irrevocable Trusts and Last Wills

Probate, and Reasons to Avoid It

Probate is a court-supervised process used to validate your will and distribute your property. The process takes anywhere from six months to 2+ years to complete, and may require that lawyers or other professionals (executor, appraisers, accountants, private investigators, etc.) be hired by the estate being probated; each professional eating away at what will be left for your heirs. Even if you die without a will, if your estate's value exceeds a threshold amount, your estate must still pass through the probate system. In either case, the court decides how to distribute your estate among your relatives.

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Probate procedures often include the following steps, in the following order:

Your will is filed with the local probate court (and becomes public record)

Your executor inventories your property

Your property is appraised

Creditors see the public record and make claims

All debts, including death taxes, are paid

The court validates your will

Court costs, attorneys' fees, and executors' fees are paid from your estate

Then, and only then, the remainder of your estate is distributed to your loved ones

A trust can help you avoid probate. If your assets are placed in a trust, you do not "own" them: the trust does. You use the assets as if they were yours. When you die, only your property goes through probate. Since you do not "own" the trust property, it will not have to go through probate.

As discussed earlier, a trust in itself may not be enough: you may need a simple pour-over will (included in most of our packages) to cover property not included in the trust. If all of your significant assets are transferred into the trust, you may not need probate court at all or at least it will be a very simplified process your pour-over will, if necessary.

Additional Videos/Reading:

What is Probate?

An Irrevocable Trust vs. an A/B Trust: Pros and Cons

The A/B Trust used to be one of the most popular estate planning products in a lawyer’s arsenal. Here’s how it previously worked: The first spouse dies and that spouse’s assets are placed into a trust using the first spouse’s estate tax exemption. The second spouse dies and their assets go to the children using the second spouse’s estate tax exemption. The assets in the first spouse’s trust then are passed to the children, thereby using both spouses estate tax exemption.

After years of this, the estate tax code was re-written combining the spouse’s exemptions making the A/B trust obsolete for this purpose. Some lawyers continue to use this method of estate planning even though it does some things poorly and others not at all. Although an A/B trust will pass the assets to the beneficiaries as good as other products, it has problems in the areas of privacy, asset protection, and Medicaid planning.

First, an A/B method of estate planning offers absolutely NO asset protection benefits while both spouses are alive and minimal protection after one spouse passes. In fact, if an attorney for a lawsuit checks a person who created an A/B trust for assets, they will see that they still own the assets in their name. While both spouses are alive, depending on how the lawyer drew up the estate plan, either each spouse has their assets in their own name with a will including a testamentary trust (a trust that doesn’t exist until death) or they each have their own revocable trust with half the marital assets.The A/B Trust used to be one of the most popular estate planning products in a lawyer’s arsenal. Here’s how it previously worked: The first spouse dies and that spouse’s assets are placed into a trust using the first spouse’s estate tax exemption. The second spouse dies and their assets go to the children using the second spouse’s estate tax exemption. The assets in the first spouse’s trust then are passed to the children, thereby using both spouses estate tax exemption.

Having assets in one’s own name or assets in a revocable trust doesn’t help for asset protection. In both scenarios, one has access to the assets, which means that one’s creditors can attach these assets as well as courts in the event of a lawsuit. After one spouse passes, the will creates an irrevocable trust or, alternatively, the revocable trust becomes irrevocable. The deceased spouse’s assets are now in an irrevocable trust and protected from creditors and the courts, but chances are that the prime years to get sued or go in debt happened a long time ago. Why not have an irrevocable trust in the first place?The A/B Trust used to be one of the most popular estate planning products in a lawyer’s arsenal. Here’s how it previously worked: The first spouse dies and that spouse’s assets are placed into a trust using the first spouse’s estate tax exemption. The second spouse dies and their assets go to the children using the second spouse’s estate tax exemption. The assets in the first spouse’s trust then are passed to the children, thereby using both spouses estate tax exemption.

An A/B trust also offers little protection from a Medicaid spend-down. Again, like above, while the spouses are alive, they will be subject to a Medicaid spend-down in order to qualify for long-term care benefits. The community spouse can keep a predetermined amount, but the rest will be spent down to a minimal amount ($1,500-2,000, depending on the state). Also, again, once one spouse dies, those assets are protected from the spend-down, but the other half of the assets are subject to the other spouses long-term care bills. An irrevocable trust would protect 100% of all of the assets.The A/B Trust used to be one of the most popular estate planning products in a lawyer’s arsenal. Here’s how it previously worked: The first spouse dies and that spouse’s assets are placed into a trust using the first spouse’s estate tax exemption. The second spouse dies and their assets go to the children using the second spouse’s estate tax exemption. The assets in the first spouse’s trust then are passed to the children, thereby using both spouses estate tax exemption.

An A/B trust doesn’t really do anything well. Instead of protecting half of the assets, a good irrevocable trust can protect all of the assets. The irrevocable trust takes all of the assets out of both spouse’s names so that they don’t own them anymore. If they don’t have title, the assets aren’t counted by Medicaid, aren’t included in the calculation for the estate tax, and cannot be found in a public record as being owned by you, thus they can’t be taken by creditors in the event of a lawsuit. In fact, if an attorney for a prospective lawsuit checks a person who created an irrevocable trust to hold assets, they won’t see any assets in your name and the lawyer probably won’t be interested in taking the case against you on a contingency basis. The lawsuit is stopped before it starts. There is a downside of an irrevocable trust; the persons creating it don’t have ownership of the assets past what they put in the trust documents. So, for the scared, there is the A/B trust and for the protected, the Ultra Trust irrevocable trust.The A/B Trust used to be one of the most popular estate planning products in a lawyer’s arsenal. Here’s how it previously worked: The first spouse dies and that spouse’s assets are placed into a trust using the first spouse’s estate tax exemption. The second spouse dies and their assets go to the children using the second spouse’s estate tax exemption. The assets in the first spouse’s trust then are passed to the children, thereby using both spouses estate tax exemption.

Transferring Property into an Irrevocable Trust

You must transfer property into an irrevocable trust to take advantage of the trust's benefits. The owner who sets up the trust is called the "Grantor." In general, you should put your most valuable assets and property in the irrevocable trust. This may include your:

Home
Other valuable real estate
Company interests (LLC, S-Corp, C-Corp)
Life Insurance - No need for a separate Irrevocable Life Insurance Trust (ILIT)
Money market accounts
Brokerage accounts (stocks, bonds, and mutual funds)
Royalty contracts, patents, and copyrights
Precious metals
Works of art
Other valuable assets

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Real estate: Some advisors may tell you that if you own real estate jointly with someone else (e.g., by joint tenancy or tenancy by the entirety), you do not need to transfer it into the trust: it will go directly to your co-owner if you die. However, it is still a good idea to put this property in your trust if you do not want your co-owner to receive your share, or if you want to protect the property from the estate tax, nursing home, creditors, or divorce. Finally, if you and your co-owner pass away at the same time (e.g., in a car or plane mishap), or the surviving owner later forgets to put the property into a trust, you won't be able to designate who will receive the real estate.
If you hold property as a tenant-in-common with someone else (most often a business partner), consider putting your share of the real estate into the trust. This will allow your piece of the real estate to be protected and later distributed to your trust beneficiaries without going through probate.
Read your property deed to confirm your ownership structure, but most experts would agree, no method of ownership is better than having an irrevocable trust own the real estate.

Selling Property in Your Trust

The property can still be sold after you transfer it into an irrevocable trust. The most common method is to sell the property directly from the trust. In this case, the trust is the seller.

What Property does not go into a Irrevocable Trust?

Assets/Property of minimal value: This property may not need to go through probate nor be of any interest to creditor or Medicaid.
Personal checking accounts: These accounts are usually not put into irrevocable trusts, since money goes in and out of them so frequently.
Real Estate or Property that you buy or sell frequently: This is important if you do not expect to own the property when you die. If you own or run a business, then perhaps you need an LLC for the business. You can have the trust own the shares of the company in order to make sure it is protected.
Cars: Most automobiles are not valuable enough and they are a depreciating asset that is not typically a desirable asset for creditors, nursing homes, or ex-spouses. There are always exceptions to every rule, so if you do own a valuable car, talk to your insurance company about obtaining insurance on a trust or company-owned car and have the trust create an LLC to own the cars.
IRAs, 401(k)s, etc.: Technically, these accounts can't be owned by a trust. However, money from these accounts can still avoid probate if you designate a beneficiary in the account documents to receive the funds when you die. The funds inside these accounts are generally protected from creditors, but not from the estate tax. However, they are not protected from nursing home costs, probate, etc.

Additional Videos/Reading:

4 Tips for Holding Property

What is Joint Tenancy: Pros and Cons

Tenants in Common, Tenancy by Entirety

Real Estate Placed in an Irrevocable Trust

If you are the sole owner of a piece of property, you can include that property in your irrevocable trust. If your property is already owned by an LLC, you only need to transfer the ownership of the shares of the company. You can accomplish this by contacting the Secretary of State. If you directly own the property, then you need to change the property's title to reflect the ownership change. If real property is transferred into a trust, there are several additional issues to consider, including the following:

Property tax reassessment: Every state and every municipality can be slightly different so please check with your County Assessor or Recorder's Office to confirm this information. Most states do not incur this issue.

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Transfer taxes: When the transfer is to an irrevocable trust, these taxes are usually not imposed. However, some municipalities do tax transfers to irrevocable trust. You should check with your County Assessor or Recorder's Office to confirm that you will not need to make these payments.
Mortgage interest deductions: As the grantor, you can still deduct mortgage interest from your income taxes.
Insurance policies: You may need to change the registration of insurance policies if those policies cover property in the irrevocable trust.
Tax breaks for the sale of a home: You can still exclude up to $250,000 of profit from your taxable income when you sell your principal home, even if the trust owns the home . If there are co-owners, such as spouses, this exclusion is doubled to $500,000.

Homestead rights:

Homestead rights are no longer useful or allowed once your home is correctly transferred into the irrevocable trust. Read additional information:

Additional Videos/Reading:

Homestead Exemption by State
Homesteading Your Home: Pro's and Con's

Mortgage: If you have a mortgage but still retain equity, you can still put your home into a trust. A lender will not enforce a due-on-sale clause if you are transferring your principal residence to your trust and you are making payments on time. If you are concerned about this, you may want to get your lender's consent before making the transfer, but if they give you a problem the final trust can be modified to fit their requirements in order to abide by the Garn-St. Germain Depository Institutions Act (U.S.C. Title 12, Chapter 13, Sec. 1701j-(d) or you can always undo the transaction.
Partial interests: You can transfer a partial interest in real property to the trust (like a time share or an ownership percentage).

Beneficiaries of an Irrevocable Trust

Both Married and Unmarried Couples Can Create Irrevocable Trusts

Both married and unmarried couples can create irrevocable trusts.
For many married couples, a basic joint irrevocable trust should meet their needs. Either person can act as the grantor of the trust. In addition, each person can choose a beneficiary for his or her share of commonly-owned trust property, and for his or her individually owned trust property. Both spouses can dictate the terms of the trust property. If the trust is dissolved, property will be owned in the same way it was before the trust was created.

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When the grantor dies, the property in the trust will continue to be owned by the trust until the other spouse dies, or as long as you wish. The instructions are custom to your wishes and needs. If you decide to create incentives for your beneficiaries, then the assets can stay protected in the trust and only be distributed with specific trigger event(s). If you wish, the assets in the trust can be distributed immediately after both spouses pass.

Benefits of Individual Irrevocable Trusts

There are good reasons to create individual trusts. You may find individual trusts useful if you and your spouse own most of your property separately, or if you do not want your spouse to control the property you contribute. If you are recently married or engaged and want to keep your previously acquired property separate, you can use individual trusts to do this.

What is an AB living trust and how does it work?

Estate Taxes and Irrevocable Trusts

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Vertex grants visitors permission to download, view, copy and print the site materials on any single, stand-alone computer solely for personal, informational, non-commercial use provided that copyright and trademark notices appearing on any materials shall not be altered or removed, materials are not used on any other website or in a networked computer environment and materials are not modified in any way, except for authorized editing of downloadable forms for personal use. This permission terminates automatically without notice if you breach any of the terms or conditions of these Terms of Use. On any such termination, you agree to immediately destroy any downloaded or printed materials. Any unauthorized use of any materials contained on the site constitutes a violation of copyright laws, trademark laws, laws of privacy and communications laws and regulations.

Vertex grants visitors a limited, personal, non-exclusive, non-transferable license to use our materials for personal use or, if the visitor is an accountant, attorney or financial professional, for use on behalf of a client. Except as otherwise provided, visitors acknowledge and agree that they have no right to modify, edit, copy, reproduce, create derivative works, alter, enhance or in any way the materials from the site in any manner, except for modifications in connection with the visitor’s own use.

10. Resale of Content and Documents Prohibited.

By ordering or downloading documents, visitors agree that purchases or downloads may only be used by personal or business use or used by you in connection with your client and may not be sold or redistributed without the express written consent of Vertex.

11. International Use

Vertex operates and administers the site from its offices located in the United States. Visitors accessing the site from locations outside of the U.S. are responsible for compliance with local laws in their country. Users of the site agree not to use it or the documents and content in any manner that is prohibited by the laws, customs or regulations of any country.

12. Financial Advice Disclaimer

Visitors understand that the site contains information about asset protection and estate planning strategies and philosophies, but this information and content does not constitute advice related to a site visitor’s business or personal financial circumstances, nor is it intended as a recommendation or advice to be followed by a site visitor. None of the content or documents on the site is intended to be suitable for any specific situation or person. Visitors understand that opinions regarding trusts or other strategies may involve risks and may not be suitable for every person or every situation. Visitors to the site are urged to consult with an attorney, financial planner, accountant or other licensed and qualified professional before undertaking any of the strategies or using any of the documents available on the site.

VERTEX ACCEPTS NO LIABILITY OR RESPONSIBILITY FOR ANY LOSSES OR DAMAGES ARISING FROM THE USE OF THE MATERIALS, CONTENT OR DOCUMENTS AVAILABLE ON THE SITE OR AS A RESULT OF THEIR APPLICATION TO THE PARTICULAR CIRCUMSTANCES OF THE INDIVIDUAL VISITOR. DOCUMENTS AND SITE CONTENT ARE USED AT THE SOLE DISCRETION OF SITE VISITORS WHO ACKNOWLEDGE DOING SO AT THEIR OWN RISK.

13. Conduct of Visitors to the Site

Visitors understand that use of the site is granted at the express permission and consent of Vertex and can be withdrawn at any time without notice. Visitors acknowledge their understanding that interference with another person’s use of the site will not be tolerated and will result in the offending user’s loss of site access. Visitors are prohibited engaging hacking, using viruses or Trojans, changing the site content or structure, interfering with site security and collecting data from other visitors to the site. The use of cookies, phishing, or other methods to obtain personal or confidential information from site visitors is strictly prohibited. Visitors agree to comply with all laws and regulations pertaining to use of the site and its documents and content.

14. Interruption of Service

Vertex shall not be responsible for damages caused by an interruption of site service whether such information is with or without notice to registered or new visitors. Vertex does not guarantee uninterrupted or continuous site service.

15. Jurisdiction

Vertex operates the site from offices located in Massachusetts. Vertex is subject to the laws of the state of Massachusetts and visitors to the site agree that the Terms of Use shall be governed by Massachusetts laws. Access to the site is given with the understanding that visitors agree that doing so is an acknowledgement of the application of Massachusetts law.

All parties to these Terms of Use agree that jurisdiction for any disputes shall be in the state of Massachusetts./p>

16. Dispute Resolution Procedures – Binding Arbitration

Most customer concerns can be resolved quickly and to the customer's satisfaction by calling our Customer Care Center at (855) 219-8800.

In the unlikely event that the Vertex Management Group LLC Customer Care Department is unable to resolve your complaint to your satisfaction (or if Vertex Management Group LLC has not been able to resolve a dispute it has with you after attempting to do so informally), we each agree to resolve those disputes through binding arbitration rather than in a court of general jurisdiction.

Arbitration is less formal than a lawsuit in court. Arbitration uses a neutral arbitrator instead of a judge or jury, allows for more limited discovery than a court does, and is subject to very limited review by courts. By using this website and its services, you agree that any arbitration will take place on an individual basis and that class arbitration and class actions are not permitted and are specifically waived.

17. Arbitration Agreement:

A. Vertex and site visitors agree to arbitrate all disputes and claims that might arise between them before a single arbitrator. The types of disputes and claims subject to arbitration are to be broadly interpreted and include, without limitation, the following:

Disputes that arise from the relationship between Vertex and the visitor, regardless if the claim is one founded in contract or tort, in the laws of any jurisdiction, based on fraud or misrepresentation or arising in theories of law or equity
Disputes that currently are the subject of class action litigation of which the visitor is not yet a member of the class
Disputes arising after the termination of these Terms of use or prior to the terms of use being instituted

For the purposes of this Arbitration Agreement, references to Vertex include our respective subsidiaries, affiliates, agents, employees, predecessors in interest, successors, and assigns, as well as all authorized or unauthorized users or beneficiaries of services or products under these Terms or any prior agreements between us. Notwithstanding the foregoing, either party may bring an individual action in small claims court. This arbitration agreement does not preclude bringing issues to the attention of federal, state, or local agencies. Such agencies can, if the law allows, seek relief against Vertex on behalf of site users. Visitors agree that, by entering into these Terms, you and Vertex are each waiving the right to a trial by jury or to participate in a class action. These Terms evidence a transaction or website use in interstate commerce, and thus the Federal Arbitration Act governs the interpretation and enforcement of this clause. This arbitration agreement will survive termination of these Terms.

B. In consideration of the timely and cost effective resolution of controversies between the parties, all such controversies regarding these Terms or the rights of the parties in it shall be submitted to binding arbitration with Case Closed Babick Dispute Resolution Services. The parties agree to waive their rights to a jury trial, punitive damages, or tort damages, as a result of these Terms or enforcement of the arbitrator’s award.

C. The parties agree that venue in any dispute lies in Middlesex County, Massachusetts, and the parties waive their rights to a jury trial for any claims or counterclaims. This arbitration clause shall survive the termination or the breach of Terms. If any provision of the arbitration agreement is held invalid, the invalidity shall not affect other provisions of this arbitration agreement.

D. A party intending to seek arbitration must first send, by USPS certified mail, a written Notice of Dispute ("Notice") to the other party. A Notice to Vertex shall be addressed to the following Notice Address:

Notice of Dispute

General Counsel

Vertex Management Group LLC

275 Grove Street, Building 2, Suite 400

Newton, Massachusetts 02466

E. The claim notice must describe the nature and basis of the claim or dispute and set forth the specific relief sought ("Demand"). If Vertex and you do not reach an agreement to resolve the claim within 30 days after the Notice is received, you or Vertex may commence an arbitration proceeding. During the arbitration, the amount of any settlement offer made by either party shall not be disclosed to the arbitrator until after the arbitrator determines the amount, if any, to which you or Vertex is entitled.

F. The arbitrator shall not have the power to commit errors of law or legal reasoning, and the parties agree that any injunctive award may be vacated or corrected on appeal by either party to a court of competent jurisdiction. Each party will bear its own costs and fees on any such appeal. The arbitrator shall not award relief in excess of what these Terms provide or award punitive damages or any other damages not measured by actual damages. Further, unless both you and Vertex agree otherwise in writing, the arbitrator may not consolidate more than one person's claims, and may not otherwise preside over any form of a representative or class proceeding. If this specific provision is found to be unenforceable, then the entirety of this arbitration clause shall be null and void.

G. All aspects of the arbitration proceeding, and any ruling, decision or award by the arbitrator, will be strictly confidential, other than as part of an appeal to a court of competent jurisdiction.

H. The arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability or formation of these terms including, but not limited to, any claim that all or any part of these terms of use are void or voidable. If this specific provision is found to be unenforceable, it is severable from the rest of the arbitration clause and shall not affect enforceability.

18. Mutual Cooperation and Withdrawal

In order for Vertex to properly assist you, you have an affirmative obligation to assist and cooperate with VERTEX during this engagement. You will be required to furnish certain information and/or documents, and you may be expected to provide documentation promptly and without delay as requested by us. You must make yourself available to discuss issues as they arise throughout this process.

Lack of communication or non-cooperation will be grounds for our withdrawal from providing services. This may include, but is not limited to, a withdrawal as a result of your failure to honor the terms of this agreement, your failure to pay amounts billed in a timely manner, your failure to cooperate or follow our advice on material matter, or any fact or circumstance that would, in our view, impair an effective relationship or would render our assistance unlawful or unethical.

If we elect to withdraw for any of the above stated reasons, VERTEX shall be entitled to payment for all services rendered and disbursements and other charges made or incurred on your behalf prior to the date of withdrawal. If you elect to withdraw without a completed engagement, VERTEX has the right to charge you on a prorated basis for the time and resources expended in providing services to you or on behalf of your project.

19. Minors and Children

Vertex complies with the Children’s Online Privacy protection Act by not collecting any personal identification information from anyone under 18 years of age. Vertex services are only offered and directed toward those individuals who are 18 years of age or older.

Use of this site, including the information and services available on it, is limited to individuals who are at least 18 years of age. Use of the site by children or minors under the age of 18 is strictly prohibited. Use of the site is an acknowledgment and representation that the user is at least 18 years of age. Anyone using the site who is under 18 years of age is cautioned not to submit any personal information to Vertex through the site or in any other manner.

20. Testimonials and Endorsements

From time to time, the site might contain media hosts or spokesmen endorsing the site, Vertex, MyUltraTrust and www.MyUltraTrust.com and products, services or content offered by them. Such media hosts and spokesmen may appear as both paid and unpaid participants in advertising or promotional campaigns conducted by Vertex or agencies working on behalf of Vertex.

21. Third Party Payment Services

Vertex offers documents for purchase at its website. Vertex does not control the practices or policies of third party payment services such as credit cards, debit cards and other forms of electronic payment. Privacy policies and business practices of these third party payment services should be reviewed by you prior to using them to make purchases at the Vertex site.

When purchasing products or services from Vertex, visitors represent and agree that any credit information supplied by them shall be true, accurate and complete; that charges incurred by them will be honored by their credit card company, bank or financial institution; and they will pay the charges incurred at the posted prices, including any applicable taxes.

Visitors are responsible for reimbursing Vertex for the cost of any check that is returned unpaid by the visitor’s bank and for any charges incurred by Vertex due to credit or debit card transactions that are not honored by the visitor’s bank or financial institution. Visitors also agree to reimburse Vertex for the cost of collecting any and all debts incurred by the visitor including interest.

22. Right to Contact You

Your use of the Site and submission of your telephone number to Vertex shall be deemed an inquiry by you to Vertex. You agree that Vertex may use such telephone number to contact you about the products, services or other matters regarding the site notwithstanding the fact that such telephone number might appear on the do not call lists operated and maintained under authority of any state or federal law or regulation.

23. Rights of Ownership

All logos, images, text, page headers, graphics and icons used on the site are service marks, trademarks or trade dress of Vertex. Permission to use the site does not grant the user or visitor any rights in the content other than as might be expressly contained in these terms of use. All other trademarks, product names, company names and company logos used on the site are the property of their respective owners.

24. Refusing Service

Vertex, as the owner of the site, reserves the right to refuse site access or use to anyone at its sole discretion without prior notice or explanation. This reservation of rights by Vertex includes the right to terminate or to cancel the account of a registered visitor to the site solely within its judgment and discretion.

25. Severability

If any of these terms of use are determined by any court, regulatory agency or other competent authority to be unlawful or unenforceable, the other provisions will continue in effect. If any unlawful or unenforceable provision would be lawful or enforceable if part of it were deleted, then the unlawful or unenforceable part will be deleted, and the rest of the provision will continue in effect.

26. Entire agreement

These terms of use contain the entire agreement between Vertex and the site visitor in relation to your use of this website. These terms supersede all previous agreements in respect of the use of the site.

27. Acknowledgment and Acceptance of Terms of Use

Using or accessing websites owned by Vertex represent an acknowledgment that you have read these terms of use, that you understand the rights and obligations of each of the respective parties mentioned in the terms of use, and that you acknowledge your agreement and willingness to be bound by each and every of the provisions contained in them. Vertex reserves the right to modify, amend and alter the terms of use at any time without prior notice of any kind.

28. Contact Information

Vertex Management Group LLC welcomes your questions, comments and concerns regarding these Terms of Use or any of the websites, products or services it offers. You may contact Vertex by using any of the following methods effective as of October 1, 2013:/p>

(a) Address:

Vertex Management Group LLC

275 Grove Street, Building 2, Suite 400

Newton, Massachusetts 02466

(b) Email Address:

help@myultratrust.com

(855) 219-8800

modified: Feb 21, 2014

MyUltraTrust Website Privacy Policy

MyUltraTrust.com and its parent company, Vertex Management Group LLC (referred to in this statement as “us,” “we” or “Vertex”), are committed to protecting the privacy of you, the visitors to and users of (referred to as “you” or “Visitors”) the website www.MyUltraTrust.com (referred to as the “Site”). This privacy statement reflects our most current privacy practices concerning the data and information we collect from you and your computer’s interaction with the Site. Use of the Site shall be an acknowledgment by that you read, understand and fully consent to the practices described in this privacy policy.

1. Personally Identifying Information

Personally Identifying Information referred to in this privacy policy means any information that could reasonably be used to identify you. This might include your name, address, e-mail address, Social Security number, birth date, bank account information, credit card information or any combination of information that could be used to identify you.

2. Use of Personal Information

Visitors to the Site are offered highly personalized products, services and informational content that require them to provide personal information. We agree not to use the personal contact information you give us for reasons other than contacting you regarding the Site and the information it contains. Your personal information will not be sold or given to third parties without your consent. The personal information you give us will be kept in strict confidence, and it will not be misused or mishandled.

We agree never to use or share the personal identification information gathered from you other than as described in this privacy policy. Before we use any of your personal identification information that you have given us, we will give you an opportunity to prevent us from doing so by opting out.

We may use your personal identification information that you have provided to us to fulfill orders for services or products that you place using the Site. We may also use such information to protect ourselves from liability, to respond to legal process, to comply with the law, to investigate allegations of fraud, or to investigate and respond to suspected violations of the Site Terms of Use or other policies.

3. Use of Emails

Registered users of the Site might be asked for personal information such as email addresses, full name or other contact information at the time of registration. We may use this information to prepare an email list that will not be sold or given to third parties. Registered users of the Site will be given the option on registration of receiving newsletters, informational material or promotional material periodically from us.

4. Responding to Emailed Inquiries

We will use the return email address to answer or respond to inquiries sent to us from Visitors. We will not use the return email address for any purpose other than as stated in this privacy policy, nor will we share or sell it to a third party. Email addresses used in inquiries will not be added to our email list unless we are specifically requested by the Visitor in writing to do so.

5. Frequency of Newsletters via Email

We endeavor to send MyUltraTrust newsletters to registered Visitors according to a predetermined sequence linked to a Visitor’s confirmation at the Site to opt in to receive them. The following is the sequence we try to maintain:

a. The first newsletter will arrive immediately (within five minutes) to a Visitor’s inbox once the individual clicks the confirmation link.

b. The second newsletter will be sent on the 3rd day after the first.

c. The third newsletter will be sent on the 7th day after the first.

d. The fourth newsletter will be sent on the 10th day after the first.

e. The fifth newsletter will be sent on the 14th day after the first.

f. The sixth newsletter will be sent on the 17th day after the first.

g. The seventh newsletter will be sent on the 21st day after the first.

h. The eighth newsletter will be sent on the 25th day after the first.

i. The ninth newsletter will be sent on the 28th day after the first.

j. The tenth newsletter will be sent on the 31st day after the first.

k. The eleventh to the twentieth newsletter will be sent every 7 days thereafter.

l. The twenty-first to the thirtieth newsletter will be sent every 10 days thereafter.

m. The thirty-first to the fortieth newsletter will be sent every 2 weeks thereafter.

Periodically, you may receive an additional newsletter from us containing updates, news or information that we believe might be important to you and your family.

6. Reporting Spam or Other Email Abuses

If you believe you are the victim of abusive, unwanted or malicious emails that have originated from our Site, please send us a copy of the email in question along with the message header. We will endeavor to investigate your concerns and, if the problem arose within out Site, we will attempt to resolve the issue.

7. Information We Obtain from Customer Surveys

Periodically, we might ask you to participate in a customer survey. Participation is voluntary, but we encourage you to participate as they help us to improve the products and services we offer to our clients. Personal information we obtain through these surveys is confidential.

Information we obtain from the surveys that is not in the category of personal identifying information will be used by us in the development of services, products and delivery system improvements. Such non-identifying personal information might be shared by third parties providers.

8. Use of Cookies at Our Site

We use cookies in the collection, storage and tracking of information for statistical purposes. Information might be gathered about Site use to assist us in improving content or use of the Site. We may also use cookies to collect statistical, but not personal identifying information, about Visitors. The information we gather assists us in making improvements to the Site by telling us which content is the most popular and which products and services are of the most interest to Visitors.

Because our Site asks Visitors to register in order to gain access, we ask Visitors to create passwords for access purposes. Through the use of cookies, we are able to authenticate, recognize and store user information to facilitate Visitor navigation through the Site and customize content based upon the specific interest of a particular Visitor. Browser settings permit Visitors to disable cookies, but doing so might compromise some of the information or services available to you.

Our Site might use GIF files to assist us in managing advertising and marketing. If GIF files are provided to us by a third party and installed on the Site, they might permit the third party provider to recognize cookies that could be on a Visitor’s computer. We will not authorize third party providers to have access to the personal identifying information of Visitors through GIF files on our Site. GIF files permit us to evaluate the effectiveness of online marketing and the advertisements that might appear on the Site without compromising any personal identifying information of our Visitors.

9. Why Do We Use Cookies and GIFs?

Cookies, log files, GIFs and location information allow the site to offer visitors a better experience by recalling information entered on a previous visit to avoid having to reenter the information on each subsequent visit. They also allow us to offer personalized content and services and assist users in the efficient accessing of site information.

10. Use of Third Parties to Operate the Site

Trusted third parties might, from time to time, be used by us in the operations of the Site or to assist us in providing the services and products offered to Site Visitors. Some of these trusted third parties might, in the course of their work for us, have limited access to Visitor-provided information. Third party providers must agree to keep such information confidential and not use it for any purpose other than assisting us in our operation of the Site.

11. Confidentiality Related to Payments or Downloads

Our Site offers Visitors the opportunity to purchase products or services and to download purchased documents for their personal use. Third-party payment services used by Visitors for Site purchases are not within our direct control or supervision. We do not review or control policies or practices of such third-party payment services, so we cannot accept responsibility or liability for the privacy practices or policies of payment services used by Visitors. Visitors are encouraged to review the privacy policies and practices and the terms of use of payment services before giving them any personal identifying information to complete a transaction in connection with our Site.

12. Site Administration and Analysis

In order to provide the best Site experience possible for our Visitors, we may collect user data from web server logs. These and other tracking technologies permit us to compile site traffic and Visitor interaction data in order to improve existing Site features and to create new content, products and services in the future.

Web server logs allow us to track information based upon use of the Site. The information collected by us or trusted third parties we use to assist us does not track personal identifying information. Information we track through web server logs includes the internet protocol addresses of visitors, their internet connection speed, the type of browser used, the type of computer used, links clicked on within the Site, the country in which the accessing computer is located, the number of times a particular person visits the site, the language used to visit the site, the date and time of each visit, pages viewed on the site, destination after leaving the site, and the website or webpage from which a visitor linked to our site.

13. What We Do to Keep Your Information Safe

We use safeguards widely accepted as commercially reasonable to protect the information we collect on the Site from Visitors. Steps we take, such as asking you to create a unique username and password, are meant to help us to verify the identity of those requesting access to the Site and to your individual account. Maintaining the secrecy of your account access information is your responsibility. One of the ways you can do this is by not giving your account access information to others to use. Sharing your access information is solely within your control, and we cannot ensure the security of any personal identification information that you disclose to others. Although we value the importance of the security of the information you give through our Site and use appropriate procedures to safeguard it, we cannot guarantee against someone illegally hacking into our Site and obtaining confidential information.

If we experience a breach of security at our Site that compromises personal identifying information we have stored about you, we will take such reasonable measures to investigate the breach and notify visitors to our site whose information might have been compromised. We will take all steps within our control to comply with state and federal laws and regulations that might be applicable in the event of a breach of security.

14. Compliance with Children’s Online Privacy Protection Act

Access to our Site is restricted to those individuals who are at least 18 years of age or older. We do not collect personal identification information from anyone visiting our site that is younger than 18 years of age. We comply fully with the requirements of the Children’s Online Privacy Protection Act. Our site does not knowingly solicit anyone under 18 years of age to use it or to submit personal identification information. If you believe that we might have acquired information about a person who is younger than 18 years of age, please contact us immediately by using the contact information contained elsewhere in this privacy statement.

15. What You Can Do to Protect Your Information

We have established protocols within the Site to allow you to control your account information, contact information and email preferences. We offer you opportunities to opt out of receiving promotional communications from us or to change the email address to which such communications will be sent.

Factual errors pertaining to personal identifying information that we collect online and offline can be corrected on the Site when you access your account, but it can also be corrected by telephone by calling us at (855) 219-8800 or faxing a request to us at (508) 429-3034. Please note, that to protect your privacy and security when requesting a correction in your personal identifying information, we will take steps to verify your identity prior to granting you access to your account or prior to facilitating corrections.

16. Change of Ownership or Operation

Vertex Management Group LLC is the operator of the Site. In the event of a sale, merger, acquisition, dissolution, reorganization or other alteration in the ownership of the Site operator, the names and email addresses, and other user information of registered site visitors might be transferred as part of the transaction in order to maintain continuity of our high level of service to our customers.

17. Terms of Use

Our terms of use govern the use, disclaimers and liability limitations associated with our Site. The terms of use should be accessed at our Site and reviewed along with this privacy policy.

18. Changes to Our Privacy Policy

We reserve the right to make changes or add updates to this privacy policy without prior notification. Changes or updates will be accompanied by a new date at the end of this privacy policy indicating that it is the most recent statement.

19. Contact Information

Any questions or concerns regarding our privacy policy or how we implement it can be directed to us at the following address, email address and telephone number:

(a) Address:

Vertex Management Group LLC

275 Grove Street, Building 2, Suite 400

Newton, Massachusetts 02466

(b) Email Address:

help@myultratrust.com

(855) 219-8800

20. Version of Privacy Policy

This privacy policy represents the latest revision in use as of February 17, 2014.

Speak to a Customer Care Specialist: (855) 219-8800

Irrevocable Trust Education

Irrevocable Trusts Education

Introduction to Irrevocable Trusts

But irrevocable trust's do some much more important things that a living revocable trust cannot do.

Assets in an irrevocable trust are also not considered as marital assets in a divorce. This means when properly executed, they cannot be calculated as part of the equitable distribution during a divorce.

This Irrevocable Trust Education Center was created to answer some of the most common questions about irrevocable trusts and to help you understand what a irrevocable trust can do for you.

Definition of a Irrevocable Trust

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A irrevocable trust is created by a document called a declaration of trust or trust agreement. The declaration of trust (or trust agreement) includes the names of your trustees, beneficiaries, describes the trust property, and provides the terms of the trust and property transfers.

Comparing Living Trusts and Last Wills

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Pour-Over Wills If you decide to create an irrevocable trust, you may also want to create a pour-over will. A pour-over will provides for the distribution of non-trust property that is not otherwise distributed. An Ultra Trust Irrevocable Trust includes a pour-over will.

Comparing Irrevocable Trusts and Last Wills

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Probate, and Reasons to Avoid It

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A trust can help you avoid probate. If your assets are placed in a trust, you do not "own" them: the trust does. You use the assets as if they were yours. When you die, only your property goes through probate. Since you do not "own" the trust property, it will not have to go through probate.

Transferring Property into an Irrevocable Trust

You must transfer property into an irrevocable trust to take advantage of the trust's benefits. The owner who sets up the trust is called the "Grantor." In general, you should put your most valuable assets and property in the irrevocable trust. This may include your:

Open an account for Free. Start Personalizing your Irrevocable Trust Today!

The property can still be sold after you transfer it into an irrevocable trust. The most common method is to sell the property directly from the trust. In this case, the trust is the seller.

Real Estate Placed in an Irrevocable Trust

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Homestead rights are no longer useful or allowed once your home is correctly transferred into the irrevocable trust. Read additional information:

Beneficiaries of an Irrevocable Trust

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In general, you can choose any person or entity you want to be your beneficiary. You are not required to leave anything to your spouse even if you live in a community property state.

You can nominate a guardian for your minor children in an irrevocable trust. You should also make this designation in a will. This can be a pour-over will, as discussed in Section 3.

Both Married and Unmarried Couples Can Create Irrevocable Trusts

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What is an AB living trust and how does it work?

Estate Taxes and Irrevocable Trusts

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Testimonials

Frank W., Elk Grove, CA

Educational Center Feedback

Educational Center Feedback Form

Terms of Use

MyUltraTrust Website Privacy Policy

Why MyUltraTrust.com?

About Us

Contact Us

Pour-Over Wills
If you decide to create an irrevocable trust, you may also want to create a pour-over will. A pour-over will provides for the distribution of non-trust property that is not otherwise distributed. An Ultra Trust Irrevocable Trust includes a pour-over will.