#16 of 25 Common Estate Planning Mistakes – Irrevocable

Failing to Consider Using an Irrevocable Trust
Revocable living trusts are designed to avoid probate. They can also eliminate the need to have a guardian appointed if you become incapacitated. They do not, however, protect assets from creditors or shield them from the Medicaid spend down process. Irrevocable trusts, however, if properly drafted and funded, can do both. If either of those objectives are part of your estate planning goals, you should speak with an experienced estate planning / elder law attorney about adding an irrevocable trust to your estate plan.