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Why would someone want an irrevocable trust? Essentially, an irrevocable trust removes certain assets from a grantor’s taxable estate, and these incidents of ownership are transferred to a trust. A grantor may choose this structure to relieve assets in the trust from tax liabilities, along with other financial benefits. I am looking for excellent attorneys estate around Norco Hills, corona ca. Can I gift my house to my children? Gift of a property is usually a Potentially Exempt Transfer (PET). Therefore, after gifting the property, if the donor survives for 7 years … then the children don’t have to pay inheritance tax, as the property will fall outside the estate of the donor. This ultimately delays the time it takes for any beneficiaries to receive assets in the Will. To alleviate this burden, you can add a self-proving affidavit to your Will, in which case your Will must be notarized. If you realize that you have placed that asset in a trust, you may be able to change the terms of your Trust and retake ownership of the asset if your Trust is revocable. Those interested in finding out more about these trusts should learn about all the factors to consider in estate planning and should consult our credible estate planning attorney. I need excellent estate planning lawyers around corona heights, corona ca. I need excellent attorney estate planning nearby Norco Hills, corona ca. Even in cases where there are two witnesses to a will, it does not mean that it cannot be challenged. I am looking for amazing estate planning attorneys around 92883.