Many of my clients ask me the difference between a revocable trust and an irrevocable trust. Although there are several differences between the two trusts, the main difference is that a revocable trust can be modified during an individual's lifetime, while an irrevocable trust cannot be modified. Both types of trusts protect an individual's assets from probate. However, an irrevocable trust will protect an individual's assets from creditors, such as Medicaid.
It is very important to have the correct type of trust for your situation. This is especially true for elderly or sick individuals. Please contact Attorney Theresa Gomes to discuss your estate planning options.
No comments:
Post a Comment