ShouldI switch my assets from a from a revocable to irrevocable trust to protect them asI age?

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ShouldI switch my assets from a from a revocable to irrevocable trust to protect them asI age?

I have a meager savings, IRA and a house. Both my spouse and I are heading into disability retirement. We are moving into an apartment in alarge city that is closer to our children. It will be close to public transportation and services. We know what we have can be gone in a flash. The kids are beyond question in their trust and welfare of us. Should we put our assets into an irrevocable trust? Is this the avenue we should take for asset protection as we have medical problems and doctor visits in our near future?

Asked on April 2, 2011 under Estate Planning, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Well a revocable trust becomes irrevocable upon the death of one of the trustees. You may need to figure out if it makes sense to make it irrevocable now by seeking the advice of your counsel. You need to sit down with an attorney who represents you and handles estate planning only and figure out based on your health and that of your spouse, all of your assets, your work history and current employment status and whether you need to get an irrevocable trust to protect certain assets from future suit.


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