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.
Many people use irrevocable trusts to remove assets from their estate to avoid this tax. But irrevocable means that at some point, you no longer own those assets-the trust does. But even if you don't own the assets, you can still benefit from the trust during your lifetime.n 2012, your estate can be worth up to $5.12 million before any estate taxes kick in after your death. But on January 1, 2013, that amount gets reduced to $1 million, which means anyone with an estate worth more than that may be subject to the tax.