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Irrevocable trusts
Ok legal types, this is for you. At the moment it's an academic question. I'd call our lawyer to ask this but he is currently out of the country spending some of his considerable wealth whooping it up.
Person A owns a piece of property, we'll say it's considerable acreage, in an irrevocable trust he has set up for his heirs/beneficiaries. Person B would like to purchase a particular piece of that property. Not the whole thing, let's say roughly 20% of the total acreage held in trust.
I know that Person A can go to considerable legal expense to get the "irrevocable trust" essentially revoked, but absent that, could the portion of land in question be sold to person B and the proceeds placed back into the trust somehow, essentially not changing it's value?
edit: in case it matters, the sale price of the property would be in excess of the assessed valuation of the land at the time it was placed in trust, so it would actually increase the value of the trust assuming all proceeds went back into it.
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