Many of these revocable trusts have a trigger in them causing the trust to become permanent. The most common trigger is the death of the grantor. Others include permanent disability or lack of capacity on the grantor to make decisions. Once the trigger is engaged, the trust goes into action. It then becomes unchangeable or permanent in nature and is called an Irrevocable Trust.
When an entrepreneur starts out on his long journey of building a legacy with his business; he almost immediately focuses on the legal status of his business. His thoughts include: ‘Should I become a limited […]