Last time, we discussed asset protection and protection against estate,
income, and capital gains taxes through irrevocable trusts. Here are some
other benefits of irrevocable trusts:
If you have a child who requires additional personal, financial, or health
care assistance, it is important for you to ensure that what you leave
to your child does not make them ineligible for needs-based benefits (e.g.
Medicaid and SSI), and is not depleted in short order by the cost of care.
Planning using irrevocable trusts can avoid this from happening.
Lifetime Asset Protection for Elder Care
To ensure that your life savings are not eaten up by the cost of long-term
care, or that your house does not eventually have to be liquidated to
pay for care in a nursing facility, you can utilize an irrevocable trust
to provide long term care protection. If implemented in accordance with
an appropriate strategy, an irrevocable trust can be used to provide asset
protection to your heirs as well.
If you are looking for asset protection in any of these categories, feel
free to contact us at (203) 651-5521.