An irrevocable trust can be used by anyone that is interested in nursing home asset protection. The majority of senior citizens will need some type of paid long-term care eventually, and just over one third will reside in nursing homes. You can expect to pay $100,000 or more for a year in a … [Read more...] about Why would an ordinary person that is not a very wealthy use an irrevocable trust?
Why would someone benefit from losing access to their assets?
Very high net worth individuals have to be concerned about the federal estate tax because it carries a heavy-handed 40 percent top rate. Assets that are held by an irrevocable trust would not be part of your estate, so these trusts are used by people that have this concern. One of them is the … [Read more...] about Why would someone benefit from losing access to their assets?
If you can revoke some trusts, why would you take a chance with an irrevocable trust?
Indeed, an irrevocable trust cannot be revoked or changed under most circumstances, and you cannot act as the trustee if you establish this type of trust. You surrender incidents of ownership in a legal context when you create an irrevocable trust, and this can be beneficial. … [Read more...] about If you can revoke some trusts, why would you take a chance with an irrevocable trust?
