Legal Question in Wills and Trusts in Massachusetts
Irrevocable family trust
What is the primary purpose of setting up an Irrevocable Family Trust?
Asked on 7/19/09, 6:08 pm
2 Answers from Attorneys
Alexandra Golden
Golden Law Center
Re: Irrevocable family trust
There can be a number of purposes, including but not limited to protecting assets from creditors' claims and Medicaid planning. They can also be useful to minimize estate taxation.
Please feel free to contact me if you are interested in discussing these issues further.
Answered on 7/19/09, 9:00 pm
Re: Irrevocable family trust
The primary purpose is to make certain bequeste permanent and to get certain assets out of the estate of the person making the gift to the irrevocable trust.
Answered on 7/19/09, 9:36 pm