Unlike a Revocable Living Trust, an Irrevocable Trust is a separate entity from yourself much in the way that a newly formed business would be. The trust will have its own Federal Tax ID and transfers of assets into this entity will be seen as gifts.
One key advantage to an Irrevocable Trust is it allows you to move assets out of your estate, where they can perpetuate for generations. There are many different types and uses of Irrevocable Trusts depending on your needs from Medicare Planning to Asset Protection, from protecting Family Vacation homes to protecting Life Insurance benefits. These trusts are all tools with the intention of helping our clients unique and individual need to protect their health, wealth, and family.
Please contact our office to schedule a complimentary consultation where we can help you to explore whether an Irrevocable Trust is right for your needs.
To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.