An Irrevocable Trust May Protect Assets from Paying for Long-Term Care
Irrevocable Trusts – Not as Frightening as You Might Think!: Part 1
Many people hear the words “irrevocable trust” and think that the irrevocable nature of the instrument requires inflexibility and rigidity, or that they will lose control over their assets. This is a common myth. As this series of articles will show, an irrevocable trust may enable an individual to retain a significant degree of control over assets during life, while providing for protection from creditors and reducing tax liability for the person’s heirs following death. Putting assets into an irrevocable trust also may help to reduce the risk that a child’s creditor or ex-wife will take the assets while the parent is alive.