Best Probate Attorneys in West Palm Beach, FL

Advantages of an Irrevocable Living Trust An irrevocable living trust is exactly like a revocable living trust except for one major difference – you cannot change an irrevocable trust at any time. Because revocable trusts are permanent, you need to ensure that the benefits outweigh the disadvantages. The benefits are: 1. Protection from Lawsuits: If your irrevocable trusts contains all your assets, then your trust actually owns your assets – not you. This means that any liability lawsuit cannot go after your assets in your revocable trust. 2. Estate Tax Reduction: Because you no longer own any asset in the irrevocable trust, it cannot be taxed when you pass away. 3. Gives You Access to Government Programs: In order to be eligible for some programs, if you have a disability or are a senior adult, there are strict rules about income levels for some government programs. If you have an irrevocable trust, it can actually lower your taxable income so you or a loved one can remain in the government program. The downside of an irrevocable trust is because you no longer own anything in the trust, if you want to change anything, you have to go through a legal process. #estateplan #estateplanning #trusts #wills #floridalawyer...