A useful and flexible tool for estate planning, an Irrevocable Trust can avoid probate and allow you to keep your estate matters private if properly drawn and executed.
An Irrevocable Trust cannot be altered, amended, or terminated by the person who created it, however, it provides certain benefits that a Revocable Trust cannot. An Irrevocable Trust can be used for estate and tax considerations, removing all incidents of ownership, as well as in conjunction with qualifying for Medicaid. They can also be useful to individuals who work in professions that may make them vulnerable to lawsuits, such as doctors or attorneys. Once property is transferred to an Irrevocable Trust, it is owned by the trust for the benefit of the named beneficiaries, making it safe from legal judgments and creditors as the trust will not be a party to any lawsuit.