ESTATE PLANNING
An irrevocable trust is a powerful estate planning tool for individuals seeking to protect assets from creditors, reduce estate tax exposure, or qualify for Medicaid. Unlike a revocable trust, an irrevocable trust cannot be easily changed once established — but that permanence is precisely what makes it effective.
WHAT IS AN IRREVOCABLE TRUST?
An irrevocable trust is a trust that, once established, generally cannot be modified or revoked without the consent of the beneficiaries. By transferring assets into an irrevocable trust, you remove them from your taxable estate and, in many cases, from the reach of future creditors.
Irrevocable trusts are used for a variety of purposes: estate tax planning for high-net-worth individuals, Medicaid planning for those anticipating long-term care needs, asset protection from business or personal creditors, and charitable giving strategies.
The right type of irrevocable trust depends entirely on your goals. Attorney Goldstein evaluates your situation and recommends the appropriate trust structure — whether that is an Irrevocable Life Insurance Trust (ILIT), a Medicaid Asset Protection Trust (MAPT), a Spousal Lifetime Access Trust (SLAT), or another vehicle.
IRREVOCABLE TRUST TYPES
Different irrevocable trust structures serve different planning goals.
Shield assets from future creditors, lawsuits, and judgments
Protect assets while planning for potential long-term care needs
Remove life insurance proceeds from your taxable estate (ILIT)
Receive income during your lifetime with remainder to charity
Reduce estate taxes while preserving spouse's access to assets (SLAT)
Fund education for children or grandchildren with tax advantages
Transfer appreciating assets to heirs with reduced gift tax (GRAT)
Transfer your home to heirs at a reduced gift tax value (QPRT)
THE PROCESS
We discuss your specific goals — asset protection, tax reduction, Medicaid planning, or charitable giving.
Attorney Goldstein identifies the right trust structure and designs the terms to achieve your objectives.
The trust is drafted, reviewed with you in detail, and executed with proper legal formalities.
We guide you through transferring assets and coordinate with your financial advisors as needed.