Safeguard Your Wealth With Irrevocable Trust Strategies
Benefits of Irrevocable Trusts
One of the primary advantages of an irrevocable trust is asset protection. By placing your assets into this type of trust, they become shielded from creditors and legal judgments. This protection is particularly beneficial for individuals in professions that are prone to lawsuits, such as doctors or business owners. Additionally, irrevocable trusts can help you qualify for Medicaid by reducing your countable assets, which is crucial for covering long-term care costs without depleting your savings2.