ACC 565 Week 10 Assignment 4, Tax Planning Client Letter on Irrevocable Trusts, Gift Tax and Estate Tax
ACC 565 Week 10 Assignment 4: The trust you had shown interest in was irrevocable trust so I will brief you about it by presenting some facts related to it. In irrevocable trust, the person forming the trust loses his ownership interest in the assets he aims to transfer to another party. The generator of the trust also loses the chance of revoking the trust provisions before finalizing it in an irrevocable trust. This makes irrevocable trust different from revocable trust along with other factors. You will not be able to reverse the provisions of this trust once they are decided……………..