Question : What is an irrevocable living trust?
Need to know what it entails. If I put my house in an irrevocable living trust can I still claim mortgage and real estate taxes on my federal income tax?
- asked by csjedbd
All Answers:
Answer #1
trust is mainly for estate planning & assetprotection.Sorry u can not claim on individualpersonal tax return.
- answered by Expert
Answer #2
A trust which cannot be changed or canceled onceit is set up without the consent of thebeneficiary. contributions cannot be taken out ofthe trust by the grantor. Irrevocable trusts offertax advantages that revocable trusts don't, forexample by enabling a person to give money andassets away even before he/she dies. opposite ofrevocable trust.
- answered by nrview
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measure and fulfill your financial needs
