Irrevocable trusts come in many different “flavors”. These trusts may be written to accomplish a wide variety of objectives and purposes. Such objectives and purposes range from asset protection to estate tax shelters to protection of government assistance benefits for an ill spouse or a person with disabilities.
One of the significant uses for an irrevocable trust is asset protection. Often these trusts are established in advance as a part of a long term care asset protection plan. The goal is to place assets into a properly drafted irrevocable trust, which minimizes loss of control while maximizing future eligibility for Medicaid and Veterans benefits.
In this way, you are limiting the erosion of your estate’s assets and ensuring an inheritance to your beneficiaries.