The Benefits of an Irrevocable Trust

An Irrevocable Living Trust can be a powerhouse for protecting your assets from the sky-high costs of long-term care. Plus, like Revocable Living Trusts, they save your family from the headaches and costs of probate.

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The Benefits of an Irrevocable Trust

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Reasons to Consider an Irrevocable Living Trust:

  • Tax Savings: Reduce your tax burden.
  • Asset Ownership Risks: Skip the risks of putting assets in your kids’ names.
  • Asset Protection: Guard your wealth from creditors, lawsuits, and other threats.

You can transfer various assets into an Irrevocable Living Trust, including businesses, cash, investments, and life insurance policies.

Why It’s Better for Long-Term Care Costs:

With current Medicaid rules, assets in a Revocable Living Trust aren’t fully protected because they remain accessible to you. Medicaid can require these assets to cover your care costs. But an Irrevocable Living Trust, if set up correctly, keeps those assets out of Medicaid’s reach.

How It Safeguards Your Kids’ Inheritance:

Handing assets directly to your children means they own them outright, along with all the risks. An Irrevocable Living Trust can help avoid:

  • Losing inheritance due to lawsuits, divorce, or poor money management.
  • Gift tax issues.
  • Income tax problems for your kids.
  • Difficulties in getting financial aid for your grandkids.

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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