There are two main forms of Trusts: Revocable and Irrevocable. An Irrevocable Trust means that the assets placed into the Trust cannot be recalled, reversed, changed, or withdrawn. When you draft an Irrevocable Trust, you are transferring the rights of ownership for any listed assets.
People creating and using an Irrevocable Trust continue to control who their Trustee is and what their Trustee can do. Further, the person creating the Trust can always name new beneficiaries.
There are many different purposes which an Irrevocable Trust can serve. For the most part, individuals, like yourself, turn to an Estate Planning Attorney to draft one to minimize your exposure to Nursing Home expenses and Medicaid. When we prepare an Irrevocable Trust, it can protect your assets from the costs of Nursing Home care and possible other creditors.
A few of the benefits of an irrevocable trust include:
Are you looking for a knowledgeable Dutchess County Attorney to prepare your Irrevocable Trust? Our firm has 20 years of experience and we are highly skilled in all areas of Estate Planning. We are prepared to assist you in preparing an Irrevocable Trust and we look forward to helping you.