Is an irrevocable trust permanent?

An irrevocable trust generally cannot be amended or revoked by the settlor after execution. Depending on the trust terms and applicable law, modification, decanting, non-judicial settlement, or judicial reformation may be available in defined circumstances.

Are transfers to an irrevocable trust taxable?

Transfers may have gift-tax, income-tax, and generation-skipping-transfer-tax consequences depending on the structure, exemption used, and grantor-trust status. Design should be coordinated with the client's CPA before funding.

Who should serve as trustee of an irrevocable trust?

Trustee selection is a fiduciary and practical decision. Individual, corporate, and directed-trustee arrangements each have different implications for control, cost, tax situs, and continuity.

Trusts & Estate Planning/Irrevocable Trusts

Irrevocable Trust Planning for Texas Families and Business Owners.

An irrevocable trust may be considered when a client's objectives go beyond ordinary probate avoidance — for example, protecting a beneficiary's inheritance, making gifts, owning life insurance, supporting charitable objectives, or establishing a longer-term family structure. Its terms and tax consequences require deliberate design before assets are transferred.

Request a Confidential Conference Call (972) 712-1515

Best fit

Families and principals with beneficiary-protection concerns, gifting objectives, life-insurance planning needs, or multigenerational goals.

Representative planning issues

Gift and estate-tax coordination with the client's CPA
Beneficiary protection through discretionary and spendthrift provisions
Trustee and trust-protector selection
Insurance and investment-asset ownership
Tax reporting coordination for grantor and non-grantor trust income
Family governance and distribution philosophy
Trust administration and reporting requirements

How we work

The Lone Star Counsel process, adapted to the matter.

01
Understand
Family, assets, and objectives.
02
Design
Legal architecture appropriate to the matter.
03
Draft
Trust and companion instruments.
04
Fund
Assets and beneficiary designations aligned.
05
Maintain
Reviews as life and law evolve.

Frequently asked

About irrevocable trusts.

Is an irrevocable trust permanent?: An irrevocable trust generally cannot be amended or revoked by the settlor after execution. Depending on the trust terms and applicable law, modification, decanting, non-judicial settlement, or judicial reformation may be available in defined circumstances.
Are transfers to an irrevocable trust taxable?: Transfers may have gift-tax, income-tax, and generation-skipping-transfer-tax consequences depending on the structure, exemption used, and grantor-trust status. Design should be coordinated with the client's CPA before funding.
Who should serve as trustee of an irrevocable trust?: Trustee selection is a fiduciary and practical decision. Individual, corporate, and directed-trustee arrangements each have different implications for control, cost, tax situs, and continuity.

Related trust services

Advanced, Charitable & Multigenerational Trust Planning

Asset Protection & Trust Planning

Special Needs Trust Planning

← All Trust Planning Services Contact the firm

A confidential conference with Darryl V. Pratt, Esq., CPA.

Nearly 30 years of business, estate, trust, and succession counsel. Frisco headquarters, or by secure video across the state of Texas.

Request a Confidential Conference or call (972) 712-1515 · Toll-Free (888) 517-4575

Attorney Advertising. Pratt Law Group, PLLC d/b/a LONE STAR ★ COUNSEL. This page is provided for general educational purposes and does not constitute legal or tax advice. No attorney-client relationship is formed by using this site or contacting the firm. Selection and implementation of a trust depend on the client's family, assets, tax, fiduciary, and succession circumstances. Prior results do not guarantee a similar outcome.