Irrevocable living children’s trusts are often used to protect assets from being wasted as they would be if they were given directly to the beneficiaries. These trusts also help avoid probate court and protect assets from future creditors of the beneficiaries. Also, the trustor can determine exactly how they want the assets to be given to the beneficiaries in the future. It may depend on age, life achievements such as graduating college, getting married or having children, or any other qualifications that the trustor determines. The trust can also be revocable, giving the parents more control over it. It also protects the assets from future probate proceedings but not from federal estate taxes.

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