Understanding Irrevocable Trusts
Hi, I’m Oklahoma trust attorney Meg Prestidge and today I want to talk to you about the Irrevocable Trust. We use Irrevocable Trust for things like Medicare planning and what I mean by that is you have a loved one who is aging and they have various assets that they want to go to, various family members.
In the event that they become ill and have to go to a nursing home and are on government-type assistance, you have to spend down their assets to $2,000 before they can get on government assistance unless you’ve identified certain assets, invested them in an Irrevocable Trust.
Benefits of Irrevocable Trusts
As long as you received your tax ID for that Irrevocable Trust and filed your annual tax returns, the IRS will start to begin a countdown when you secure your tax ID number and that’s five years from the date that the tax ID number was secured from the IRS website.
If you want to learn more about this and various ways to protect some of your loved one’s assets, you may contact me at Oklahoma Will and Trust.
Get Your Free Consultation Today
For a free consultation on how an Irrevocable Trust can protect your assets, contact the Oklahoma City trust attorneys at (918) 876-4500 or send Oklahoma Will and Trust attorneys an message using the contact form on this website. Don’t wait to secure your loved one’s financial future.