Planning with Irrevocable Trusts
In addition to drafting revocable trusts, we also assist clients with planning involving irrevocable trusts. Irrevocable trusts can be very useful tools; however, unlike a revocable trust, an irrevocable trust cannot be easily changed, so it is important to be sure that they are properly drafted and implemented. We can assist you with the preparation of irrevocable trusts for various planning objectives including:
- To make gifts as part of a Medicaid plan or to minimize estate tax exposure.
- To own an insurance policy or policies on your life in order to exclude the value of the death benefit from your taxable estate (also known as an Irrevocable Life Insurance Trust or an ILIT).
- To make a gift to one or more charitable organizations as a means of charitable planning through the use of such tools as a Charitable Remainder Unitrust (CRUT), Charitable Remainder Annuity Trust (CRAT), Charitable Land Annuity Trust (CLAT), etc.
- To protect your assets from the claims of future creditors while remaining a discretionary beneficiary of the assets under the 2013 Ohio Legacy Trust Act that allows for the creation of domestic asset protection trusts.
While assisting you with creating your estate planning documents or with updating your existing estate planning documents, we can also evaluate whether one or more of these types of irrevocable trusts may be useful in achieving your planning goals and objectives.
Please contact us today to discuss whether an irrevocable trust might be the right option for you.