Why Would I Ever Need An Irrevocable Trust? скачать в хорошем качестве

Why Would I Ever Need An Irrevocable Trust?

In this video, Rockville, Maryland estate planning attorney Neil Tyra explains why someone might choose an irrevocable trust, even though it requires giving up control of the assets placed inside it. Neil walks through the key situations where an irrevocable trust may make sense, including: • Asset protection from creditors and lawsuits • Medicaid planning, including protecting assets from long-term care costs (subject to the five-year lookback rule) • Estate tax planning, by removing assets from your taxable estate • Strategic planning for specific family or financial circumstances He also explains the major tradeoff: once assets are transferred into an irrevocable trust, you generally cannot change the terms or take the assets back. That loss of control is often what makes the legal and financial protections possible. This video helps “regular folks” understand when an irrevocable trust is appropriate—and when it may be unnecessary—so you can make informed decisions about your estate plan. If you find this video to be of value, please "like" by hitting the thumbs-up button. Do consider subscribing to our video channel so you never miss a new video. And absolutely feel free to share the video with your friends, family, and coworkers.