âBut the stars that marked our starting fall away. We must go deeper into greater pain, for it is not permitted that we stay.â â Dante Alighieri, Inferno
On average, the complete process of setting up an irrevocable trust should run anywhere from as little as $1,000 to as much as $7,000 for a complex setup. According to Lodmell.com, the cost of setting up an irrevocable trust can run anywhere from $2,500 to $7,500. Dummies.com states that an irrevocable living trust typically costs $1,000 to $3,000 for each individual. A Forbes.com report provides an idea of how much an irrevocable trust will cost to get a lawyer for estate planning purposes.
An irrevocable trust is one in which the grantor completely gives up all rights in the property. transferred to the trust, and retains no rights to revoke, terminate or modify the trust in any. material way. When such a trust holds a life insurance policy, usually on the grantor's life, it is an. irrevocable life insurance trust. If Crummey powers are granted to the beneficiaries, it may also. be referred to as a Crummey trust after a famous 1968 court case of the same name.