Irrevocable Trusts
Irrevocable trusts are very specialized estate planning devices and should not be entered into lightly. Unlike a revocable living trust, which you can always change or revoke during your lifetime, an Irrevocable Trust is just that – irrevocable! Once you establish an irrevocable trust and transfer your assets into it, you cannot change it or revoke it (except under very difficult and complicated circumstances). There are several types of irrevocable trusts that may be right for you, including a special needs trust, charitable trusts and irrevocable trusts used to protect your assets from creditors or to allow you to qualify for government benefits or VA benefits.
Irrevocable Trust Services
Why would you create and fund an irrevocable trust?
If your goals include protecting assets from creditors, qualifying for long-term care benefits or setting up an irrevocable life insurance trust (ILIT), an irrevocable trust may be right for you and your family. But again, irrevocable trusts should not be entered into without proper advice and counsel from an experienced estate planning attorney.
Types of Trusts
Special Needs Trust
Special needs trusts allow assets to be held in trust for the care of someone who is disabled or suffering from a physical or mental illness. When a special needs trust is properly prepared by an experienced estate planning attorney, the assets in the trust will not be counted when applying for government benefits such as Supplemental Security Income (SSI), Medicaid, and housing benefits.
If you are the parent, sibling, or loved one of a person with special needs, you may have concerns about what will happen to your special needs loved one after you are gone. You may wish to provide property or assets to ensure he or she will receive adequate care. But by outright giving the assets to your special needs loved one, you may risk his or her eligibility for government benefits. To avoid this result, many people utilize a special needs trust as a way to provide assets and care without jeopardizing the eligibility for government benefits.
Charitable Trusts
If you want to make a gift to a charity, especially a substantial gift, using a charitable trust allows you to do it in a way that gives you significant tax benefits. There are several charitable trusts to choose from that offer real financial advantages. Besides offering you estate and income tax advantages, charitable trusts allow you to be generous while ensuring retirement income at the same time.
Irrevocable Trust Attorney
The Law Offices of Eric A. Rudolph P.C. can help you determine if an irrevocable trust is suitable for your needs. If it is right for you, we can assist in establishing and funding an irrevocable trust.
Preparing the best estate plan for your individual needs.
Estate Planning Attorney, Eric A. Rudolph, Esq. proudly offers a full range of specialized estate planning and irrevocable trust services. His dedicated guidance has helped many Palm Springs families, LGBTQ, couples and individuals avoid financial and legal pitfalls.
Contact Palm Springs Estate Planning Lawyer Eric A. Rudolph, Esq. for a consultation.
Contact Us
The Law Offices of Eric A. Rudolph P.C.
400 S. Farrell Drive, Suite B200
Palm Springs, CA 92262
Phone: (760) 673-7600
