Secure Your Future With Expert Financial Estate Planning
Real-World Examples and Considerations
Consider the case of a family business owner who wants to ensure a smooth transition of business operations to the next generation. By setting up a family trust, they can transfer business ownership without triggering significant tax liabilities, thereby preserving the business's value and continuity.
Another example is a couple with significant retirement savings who wish to protect their assets from potential long-term care costs. By establishing an irrevocable trust, they can safeguard their savings while still qualifying for Medicaid benefits if needed2.