Irrevocable Living Trust

Safeguard Your Assets for Long-Term Care & Medicaid Planning

An irrevocable living trust is one of the most powerful tools that exists in estate planning for protecting your assets, lowering your rate of estate taxes, and ensuring your wishes for when you pass are carried out exactly as planned. Unlike a revocable trust, once created, an irrevocable trust generally cannot be changed or revoked. This permanence provides stronger protection for your assets and offers huge planning advantages for families, business owners, and individuals looking to protect their wealth.

What Is An Irrevocable Trust?

An irrevocable living trust is a legal tool in which you transfer ownership of your assets into a trust that cannot be altered or revoked without the consent of the heirs. Once assets are placed in the trust, they are generally removed from your personal ownership, which can help protect them from creditors, lawsuits, and certain taxes.

Because the trust is irrevocable, it can provide benefits that revocable trusts cannot, such as:

Stronger asset protection from creditors or legal disputes

Potential estate tax advantages by removing assets from your taxable estate

Planned distributions for children, grandchildren, or other beneficiaries according to your precise instructions.

Control over assets even after death, particularly for minors, individuals with special needs, or blended families

How To Set Up An Irrevocable Trust: Step By Step

1. Determine Your Goals

Start by thinking about what matters most to you—your family, your financial priorities, and your long-term plans. Being clear about your intentions with your attorney helps ensure your trust is designed to protect your assets and carry out your wishes exactly as you intend.

2. Draft Your Trust

Now it’s time for your attorney to prepare a trust document tailored to your situation. A good attorney will ensure that every item will be explained in plain language so you fully understand how your assets will be managed and distributed, giving you confidence in the plan you’re creating.

3. Transfer Assets Into Your Trust

To make the trust effective, your assets need to be properly transferred. This can include property, accounts, and investments. Having an attorney by your side ensures that everything is handled correctly, so your trust functions as intended.

4. Choose a Trustee and Successor Trustee

You’ll select a trustee to manage your trust according to your instructions, and a successor trustee to step in if you become incapacitated or pass away. Choosing the right people gives you peace of mind, knowing your plan will be carried out faithfully.

5. Review and Update as Needed

While irrevocable trusts are generally permanent, there may be circumstances where changes are possible, such as updating trustees or adding beneficiaries with legal guidance. Regularly reviewing your trust ensures it continues to reflect your goals as your life and family evolve.

what is the difference between a revocable and irrevocable trust?

A Revocable Trust (or “living trust”) is flexible. The person who creates it (the grantor) can change, amend, or completely cancel it at any time while they are alive.

An Irrevocable Trust is permanent. Once it’s signed, the grantor generally cannot change or cancel it. The assets put into it are no longer under the grantor’s control.

We help you weigh these options carefully so you can choose the structure that aligns with your financial and personal goals.

Why Would Someone Want An Irrevocable Trust?

Many people assume that irrevocable trusts are only for the wealthy, which is false. They can be a valuable tool for a wide range of families and individuals. An irrevocable trust can provide extremely strong protection and peace of mind for anyone who wants to take control of how their assets are managed and distributed.

Protect Assets from Potential Creditors

If you’re concerned about lawsuits, business risks, or other financial claims, an irrevocable trust can help shield your assets. By placing property or accounts into the trust, you can protect your personal assets from these claims

Plan for Estate or Inheritance Taxes

Irrevocable trusts can help lower your estate or inheritance taxes by removing certain assets from your taxable estate. Even for those with modest estates, this planning can simplify the transfer of wealth and prevent unexpected tax burdens for your heirs.

Provide Long-Term Financial Security for Family Members

You can use a trust to ensure your loved ones are cared for exactly as you intend. Whether it’s funding education, supporting a spouse, or providing for grandchildren, an irrevocable trust allows you to set clear instructions for how and when funds are distributed.

Manage Assets for Minors, Blended Families, or Special Needs Beneficiaries

Irrevocable trusts are particularly useful for families with children, blended households, or heirs with special needs. The trust can define how assets are used, when distributions are made, and who manages the funds—reducing familial conflicts and protecting eligibility for government benefits.

Frequently Asked Questions

Can An Irrevocable Trust Be Changed?

Irrevocable trusts are generally permanent, which is why careful planning is essential. Our attorneys walk you through every decision so you can create a trust that meets your long-term needs from the start.

Are Trusts Only For High Net-worth Individuals?

Even if your estate isn’t large, an irrevocable trust can provide protection and peace of mind. It’s about safeguarding what you have and making sure your family is cared for.

Is Creating A Trust Complicated?

While creating a trust requires careful planning, our team makes the process approachable. We guide you step by step, helping you understand your options and avoid unnecessary stress or legal pitfalls.

How We Help

We believe estate planning should be both practical and personal. That means listening before advising, explaining before drafting, and guiding you at your pace—not ours. When you work with us, you can expect:

You deserve more than a document—you deserve a plan that brings protection and genuine understanding.

Take the Next Step

An irrevocable living trust can solidify your plan, protecting everything you’ve built in your life. Whether your focus is on protecting your assets, your family, or dodging large taxes, we’re here to help you.

Feinstein & Mendez, P.A., can help you create a trust that fits your life, protects your loved ones, and ensures your wishes are respected.

Schedule a consultation today to begin protecting your family and building a lasting legacy with an irrevocable living trust.