Irrevocable Trust
Learn about irrevocable trusts, their role in estate planning, and how they provide asset protection and tax benefits, while strengthening family legacies.
What are the benefits of setting up an irrevocable trust for family legacy planning?
Irrevocable trusts are powerful tools for estate planning because they permanently transfer ownership of assets out of a grantor's estate, thus providing robust asset protection. This type of trust can help shield family wealth from creditors and reduce estate taxes, enabling more to be passed to the heirs. They are often used when family members wish to avoid probate and ensure assets are distributed according to their wishes. Additionally, irrevocable trusts can help secure eligibility for government benefits as they place assets out of the grantor's control, which may be particularly useful when planning for long-term care costs.
