Law Offices
of
Adam Farber
Helping you Build, Protect and Rebuild your Future
Irrevocable Trusts
What Is an Irrevocable Trust?
An irrevocable trust is a legal arrangement that allows you to transfer ownership of certain assets out of your name and into a trust, where they are managed by a trustee for the benefit of your chosen beneficiaries. Unlike a revocable trust, once an irrevocable trust is created and funded, you typically cannot change or revoke its terms. While this loss of control may seem limiting, the trade-off is significant: the assets in the trust are generally protected from creditors, lawsuits, and estate taxes, making irrevocable trusts a powerful tool for long-term financial planning and asset protection.
Benefits of an
Irrevocable Trust
Irrevocable trusts offer a wide range of benefits depending on your specific goals. They are commonly used to reduce or eliminate estate tax exposure, protect assets from potential lawsuits or divorce settlements, and ensure eligibility for needs-based government programs such as Medicaid. They can also provide structured support for beneficiaries, such as children with special needs or family members who may not be ready to manage a large inheritance. In addition, irrevocable trusts offer privacy and avoid the probate process, ensuring a smoother transition of wealth.
When to Consider an Irrevocable Trust
You may want to consider an irrevocable trust if you have a high-value estate, own rental or investment properties, operate a business, or are looking to qualify for Medicaid or VA benefits in the future. These trusts are also ideal for individuals who wish to make substantial gifts to family or charity while minimizing tax consequences. Because an irrevocable trust removes assets from your personal estate, it’s important to work with an experienced attorney to make sure it’s the right fit—and that it aligns with both your short- and long-term planning goals.
How We Can Help
At the Law Offices of Adam Farber, we understand that every client’s situation is unique. We take a thoughtful, personalized approach to creating irrevocable trusts that reflect your financial priorities, family dynamics, and long-term vision. Whether you're protecting your legacy, planning for future medical needs, or reducing your estate tax burden, we’ll guide you through the process with clarity and care—ensuring your trust is properly structured, legally sound, and designed to give you peace of mind.
Disclaimer
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and receipt or viewing does not constitute an attorney-client relationship.