Many people believe that trusts are only documents that the very wealthy use, but the truth is that many families could benefit from trusts, including irrevocable trusts.
What are the potential benefits of an irrevocable trust?
There are many potential benefits to using an irrevocable trust for your family’s planning. One example would be when money is gifted to an irrevocable trust to qualify for Medicaid benefits.
Another potential benefit of an irrevocable trust is to save estate taxes by setting up an irrevocable life insurance trust. Irrevocable trusts are a way to get the death benefits from a life insurance policy to exempt from estate taxes and benefit your family by saving more money in the future. Benefits also include the prevention of courts and creditors from accessing the assets.
For more information on irrevocable trusts or to start creating your own now to possibly save money in your future. Contact our office and we will be happy to help you through the process. To book a virtual or in-person consultation with one of our attorneys, contact our office at 833.888.0462 or [email protected].