This episode of the Estate Planning Lawcast dives deep into irrevocable trusts, a powerful tool for estate planning. Attorneys Andrew Jaloza and Matt Deliberato explain: What are irrevocable trusts? Unlike revocable trusts, you cannot change or revoke these trusts once created.
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You’ll Learn:
- Benefits of irrevocable trusts
- Reduce estate taxes
- Protect assets from creditors and lawsuits
- Control asset distribution after death
- Qualify for government benefits (Medicaid planning) in specific situations (future episode)
- Facilitate charitable giving Downsides of irrevocable trusts