Frequently Asked Questions

Irrevocable Trusts FAQs

What is an Irrevocable Trust?

Don’t you need an attorney to make an Irrevocable Trust (IT)?

Is separate record keeping complicated with an Irrevocable Trust?

How do I transfer assets to the Irrevocable Trust if I still owe money?

Can I transfer property in and out of the trust while I am alive?

Does an Irrevocable Trust avoid estate taxes?

Does IT help avoid spending down assets to qualify for Medicaid?

What if someone in my family needs money? Can I give it to them?

What is Asset Protection?

Is it Legal?

Am I wealthy enough to do Asset Protection?

Will it get me in trouble with the IRS?

I already have a Revocable Living Trust, aren't I protected already?

I already have a Living Trust, can I convert it into an Irrevocable Trust?

Can I wait to do it until I really need it?

Do I lose usage of my assets?

Can my existing lawyer do this?


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FAQ Feedback

We attempt to answer all major questions in our frequently ask questions but please let us know if there is a question missing and we will update it periodically.