Last time, we discussed asset protection and protection against estate, income, and capital gains taxes through irrevocable trusts. Here are some other benefits of irrevocable trusts:
If you have a child who requires additional personal, financial, or health care assistance, it is important for you to ensure that what you leave to your child does not make them ineligible for needs-based benefits (e.g. Medicaid and SSI), and is not depleted in short order by the cost of care. Planning using irrevocable trusts can avoid this from happening.
Lifetime Asset Protection for Elder Care
To ensure that your life savings are not eaten up by the cost of long-term care, or that your house does not eventually have to be liquidated to pay for care in a nursing facility, you can utilize an irrevocable trust to provide long term care protection. If implemented in accordance with an appropriate strategy, an irrevocable trust can be used to provide asset protection to your heirs as well.
If you are looking for asset protection in any of these categories, feel free to contact us today.