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.
The trustee of an irrevocable trust must complete and file Form 1041 to report trust income, as long as the trust earned more than $600 during the tax year. Irrevocable trusts are taxed on income in much the same way as individuals.he value is $5,120,000 for taxpayers dying in 2012. The assets of a revocable trust are counted as the grantor's assets for gift tax purposes; however, the assets of an irrevocable trust are not counted as part of the grantor's estate.