Summary of "This is when you need an Irrevocable Trust"
Summary
The video explains the specific financial and legal contexts in which an irrevocable trust is necessary.
[Irrevocable Trust](https://www.amazon.com/dp/1250792746?tag=dtdgstoreid08-20) Usage Reasons
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Wealth Threshold for Tax Benefits
- Single individuals with over $12 million or couples with over $24 million may use irrevocable trusts for tax advantages.
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Protecting Government Benefits
- For individuals with disabled children on government benefits or those anticipating Medicaid for long-term care, irrevocable trusts help preserve eligibility.
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- Provides protection against lawsuits and creditors by removing ownership of assets from the individual.
Key Point
Once assets are placed into an [irrevocable trust](https://www.amazon.com/dp/1250792746?tag=dtdgstoreid08-20), the original owner no longer owns them.
Contrast with Revocable Trusts
- If the goal is simply to avoid probate for heirs, a revocable trust is more appropriate.
No specific tickers, financial instruments, or market strategies were mentioned.
No explicit investment recommendations or performance metrics were provided.
Presenter/Source: Not explicitly named; the video encourages viewers to follow for more information on trusts.
Category
Finance
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