An Irrevocable Trust Is
An Irrevocable Trust is one you generally cannot amend, change, or revoke without the consent of its beneficiaries. Once assets are transferred in, you give up control over them. That loss of control is exactly what gives the Trust its power: assets outside your control can be shielded from creditors, lawsuits, and certain long-term care costs.
What It Can Accomplish
Irrevocable and Asset Protection Trusts are used for a few distinct purposes: protecting assets from creditors or a future lawsuit, Medicaid Planning for the cost of long-term care, and in some cases reducing estate tax exposure. The right structure depends on what you own, who you want to protect, and what risks you are planning for.
The Trade-Offs
Giving up control is a serious decision. An Irrevocable Trust is not right for everyone, and it should never be entered into without understanding exactly what you are giving up and what you are gaining. There are also timing rules to understand - planning works very differently before a problem exists than after one starts.
How It Works With Rosswurm Legal
Tracey comes to your home and walks you through whether an Irrevocable or Asset Protection Trust fits your situation - honestly, including the cases where it does not. If it makes sense, Tracey creates the Plan and assists with funding, then follows through to make sure everything is in place. Flat fee, no hourly billing.
