Could You Benefit from an Irrevocable Living Trust?

Thinking about setting up an Irrevocable Living Trust? These trusts are fantastic for keeping your assets safe from the hefty costs of long-term care. Plus, like Revocable Living Trusts, they help your family avoid the headaches and expenses of probate.

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Could You Benefit from an Irrevocable Living Trust?

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Reasons to Consider an Irrevocable Living Trust:

  • Tax Benefits: Potential tax savings.

  • Ownership Risks: Avoid the risks of putting assets in your kids’ names.

  • Asset Protection: Shield your assets from creditors, lawsuits, and other threats.

You can put various assets into an Irrevocable Living Trust, such as businesses, cash, investments, life insurance policies, and more.

Why Choose an Irrevocable Over a Revocable Living Trust for Long-Term Care Costs?

Simply put, Medicaid doesn’t fully protect assets in a Revocable Living Trust because they’re still accessible to you. Medicaid might require these assets to cover your long-term care. But with an Irrevocable Living Trust, if it’s set up correctly, those assets are off-limits to Medicaid.

Protecting Your Children’s Inheritance

Directly transferring assets to your children means they own them outright, along with all associated risks. An Irrevocable Living Trust can help you avoid:

  • Losing inheritance due to lawsuits, divorce, or poor money management.
  • Gift tax issues.
  • Income tax problems for your children.
  • Challenges with getting financial aid for your grandchildren.

At Haimo Law, we pride ourselves on our holistic approach to representation, which sets us apart. Firstly, we build personal relationships with our clients, taking the time to understand them on a deeper level. Secondly, we collaborate with other professionals, such as CPAs, financial advisors, realtors, other attorneys and more, to achieve our clients’ goals. We view planning as a team effort. Thirdly, we consider our client’s emotional, mental, familial, and spiritual needs, recognizing that various circumstances and factors influence their behavior, with legal matters being just one aspect. Our distinctive and refreshing approach ensures that we consider all these elements in every client engagement. Offices in Fort Laudedale, Florida and Port Jefferson, New York.

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