Asset Protection Trusts
(Irrevocable Trust)
An Irrevocable Trust is a very costly legal document. It can range in price from about $6,000.00 or more depending on your assets. An irrevocable trust is its own separate legal entity, similar to forming a new business. The trust will have its own Federal Tax ID and transfers of assets into this entity will be seen as gifts. You will no longer own your assets. The Trust will own your assets; your home, bank accounts and other assets. Your lifestyle will not change at all. You will be the beneficiary of the Trust; but to be clear, you will not own those assets.
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 needs to protect their health, wealth, and family.
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