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What Is An Irrevocable Trust

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There are numerous different ways that you can facilitate postmortem asset transfers. Learn more about irrevocable trust in this presentation.

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What Is An Irrevocable Trust

  1. 1. 3-: What Is an lrrevocable Trust?
  2. 2. Asset Transfer Vehicles LAW FIRM OF MARK S. EGH RI & ASSOCIATES PLL Elder Law and Estate Planning
  3. 3. There are numerous different ways that you can facilitate postmortem asset transfers L. }’1|<| ()1- MARK S. EGHRARI & / .<: ( I ll, ' I’! l(
  4. 4. Trusts are often utilized, and there are multiple different types of trusts MA13I; < EGHRARI Elder Law and Estate Planning
  5. 5. Revocable vs. lrrevocable LAw FIRM OF MARK S. EGH RI & ASSOCIATES PLL Elder Law and Estate Planning
  6. 6. One basic distnction between trusts is the power of revocation MA13I§§§EGHRARI Elder Law and Estate Planning
  7. 7. You can revoke or dissolve some trusts, and other trusts cannot be revoked MA13I§S§EGHRARI Elder Law and Estate Planning
  8. 8. I -at 4: 3 PC‘ -“.1 #1‘ 311 9“. . o vufi. VI’ 3 l 2»-. . } o. l l3
  9. 9. When you create an irrevocable trust, you are surrendering incidents of ownership MA13I; < EGHRARI Elder Law and Estate Planning
  10. 10. As a result, you gain certain advantages L. - l’II<. I OI MARK S. EGHRARI & / S. '()(’l. llS P! l (' Elder Law and Estate Planning
  11. 11. Estate Tax Efficiency LAw FIRM OF MARK S. EGHRARI & ASSOCIATES PLLC Elder Law and Estate Planning
  12. 12. High net worth individuals must implement estate tax efiiciency strategies MA13I; < EGHRARI Elder Law and Estate Planning
  13. 13. There are a number of different types of irrevocable truss that can be used to gain estate tax efficiency MA13I; < EGHRARI Elder Law and Estate Planning
  14. 14. Asset Protection LAw FIRM OF MARK S. EGHRARI & ASSOCIATES PLLC Elder Law and Estate Planning
  15. 15. Asset protection is a high priority for some people, because we live in a litigious society MA13I§ EGHRARI Elder Law and Estate Planning
  16. 16. If you convey assets into an irrevocable asset protection trust, they would be protected from claimants seeking redress MA13I§S§EGHRARI Elder Law and Estate Planning
  17. 17. Medicaid Planning LAw FIRM OF MARK S. EGHRARI & ASSOCIATES PLLC Elder Law and Estate Planning
  18. 18. People often seek Medicaid eligibility late in their lives, because Medicaid pays for long-term care MA13I; < EGHRARI Elder Law and Estate Planning
  19. 19. Medicare does not pay for living assistance MA131§A§; El¢HRAR1 Elder Law and Estate Planning
  20. 20. Since Medicaid is a need-based program, you cannot qualify if you have significant assets in your own name MA13I; < EGHRARI Elder Law and Estate Planning
  21. 21. If you were to convey assets into an irrevocable lVledicaid trust, they would not be counted when your eligibility status was being determined MA13I§ EGHRARI Elder Law and Estate Planning
  22. 22. Informed Planning LAw FIRM OF MARK S. EGHRARI & ASSOCIATES PLLC Elder Law and Estate Planning
  23. 23. As you can see, irrevocable trusts can be used to satisfy multipe different objectives MA13I§§§EGHRARI Elder Law and Estate Planning
  24. 24. If you consult with a licensed estate planning attorney, you can become apprised of your options and use the asset transfer vehicle that is right for you MA13I; < EGHRARI Elder Law and Estate Planning
  25. 25. Schedule a Free Estate Planning Consultation LAw FIRM OF MARK S EGHRARI & Asso TES PLLC Elder Law an CIA d Estate Planning
  26. 26. If you are ready to take action, our firm can help L. — l’II<. I OI MARK S. EGHRARI & / S. '()( l. ll. ' | ’l l (' Elder Law and Estate Planning
  27. 27. Contact us at your convenience to set up a no obligation consultation
  28. 28. Click to visit myestatep| an. com :3- , l". l1lL. lHl MARK S. EGHRARI Contact Information 50 Karl Avenue, Suite 202 Smithtown, NY 11787 (631) 265-0599 Website www. myestatep| an. com

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