Legal Question in Elder Law in Massachusetts
who should NOT be attempting to have an irrevocable trust. My status is married, with 3 dependent children,(In College). I plan on retiring at age 60. My wife is employed full time.
2 Answers from Attorneys
Irrevocable trusts are powerful instruments, and this question should only be answered on an individualized basis. The cost of those tax benefits and asset protection is the loss of control of the grantor. The only important question is whether an irrevocable trust will work for you, your goals, and your particular family's situation. You should make an appointment with an estate planning attorney and see if an irrevocable trust has any place in your family's estate plan.
Irrevocable Trusts are permanent. They serve an important purpose for the certain estate plans. However, they are not recommended for everyone.
You should meet with an attorney and indicate the size of your estate and the reason you want an irrevocable trust.
I would be happy to meet with you without obligation for a half hour and discusss the matter.
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