Irrevocable Trust Agreement With Grantor As Beneficiary
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FAQ
The grantor is not the trustee but can be a beneficiary. This type of irrevocable trust is called a self-settled asset protection trust and will be discussed in more detail below.
Most people inherit assets from irrevocable trusts that only became irrevocable upon the creator's demise. In this situation, if you must pay taxes, they are levied at the same rate as any other type of inherited asset.
A grantor is the entity that establishes a trust and legally transfers control of those assets to a trustee, who manages it for one or more beneficiaries. In certain types of trusts, the grantor may also be the beneficiary, the trustee, or both.
Because with the irrevocable in- come-only trust we do not want the trust assets to be counted by Medi- caid as a resource to the Grantor- Beneficiary, the Grantor-Beneficiary is entitled to receive income only distributions from the trustin other words, the interest income from the trust assets.
The grantor (as an individual or couple) transfers their assets to an irrevocable trust. However, unlike other irrevocable trusts, the grantor can be the income beneficiary.
