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Irrevocable Trust
An Irrevocable Trust is designed to permanently transfer assets out of your taxable estate. Once established, it cannot easily be modified or revoked, offering powerful protection features.
Key Benefits
- Removes assets from your taxable estate, reducing estate taxes
- Can provide robust protection against creditors and lawsuits
- Helps qualify for government benefits like Medicaid by reducing personal assets
- Creates a structured, unchangeable framework for beneficiaries
Often Used For
Long-Term Wealth PreservationEstate PlanningStructured Asset Ownership
Common Use Case
Often used by high-net-worth individuals to shield wealth from future creditors or to ensure long-term, strict financial provisions for beneficiaries.
Cost Expectation
Setup and maintenance costs are generally higher due to the complex tax and legal structuring required.