Irrevocable Trust

An irrevocable trust provides benefits not available with a revocable trust, including tax advantages and greater asset protection. Once an irrevocable trust is created and funded, it cannot be changed or revoked without significant limitations, which is why it is often used for long-term planning.

Assets in an irrevocable trust are removed from the grantor’s taxable estate, which reduces estate tax exposure and supports advanced estate planning strategies. 

Irrevocable trusts can also be used in Medicaid and long-term care planning for the grantor, since properly structured trusts may help preserve eligibility for public benefits by separating assets from personal ownership. 

Life Insurance Trusts

Irrevocable trusts are also used to own life insurance policies, helping ensure that death benefits are distributed according to the estate plan while potentially keeping the policy proceeds outside of the taxable estate.

Because of their permanence, irrevocable trusts require careful planning at the time they are created, as the terms generally cannot be easily modified later.

Contact us to learn if this plan is right for you.