No matter your age or wealth, an Estate Plan provides security for an uncertain future. A key tool in this process is an irrevocable trust, which helps protect assets, ensure financial stability for loved ones, and support long-term planning goals.
What Is an Irrevocable Trust?
An irrevocable trust is a legal arrangement where a grantor transfers assets—such as property, money, or investments—into the trust, relinquishing ownership and control. Unlike a revocable trust, it cannot be modified or revoked without beneficiary consent, making it a powerful tool for asset protection and financial planning.
Key Benefits of an Irrevocable Trust
● Asset Protection – Because the grantor no longer owns the assets, they are shielded from creditors and legal claims.
● Medicaid & Long-Term Care Planning – Properly structured, an irrevocable trust can help individuals qualify for Medicaid while preserving assets for heirs.
● Wealth Preservation & Control – Ensures assets are managed and distributed according to the grantor’s wishes, which is especially beneficial for minor children, individuals with special needs, or financially inexperienced heirs.
● Charitable Giving – A charitable trust allows individuals to create a lasting philanthropic legacy while potentially receiving tax benefits.
Protect Your Assets & Loved Ones
While irrevocable trusts offer significant advantages, they require careful planning and legal expertise to align with your goals. If you’re considering an irrevocable trust or other estate planning tools, UBFK Law is here to help.
Contact UBFK Law today to secure your assets and build a lasting legacy.