If you live in Massachusetts and worry about protecting what you’ve built your home, savings, or other assets you’re not alone. Between rising long-term care costs, lawsuits, and creditor risks, more families are taking steps to plan ahead.
At Jordan & White, LLC, we help individuals across the North Shore and beyond understand how to hold onto what matters most and how a trust might fit into that picture.
What Is an Irrevocable Trust?
An irrevocable trust is a legal arrangement where you move assets out of your personal ownership. Once it’s set up, changes are hard to make. That may sound restrictive, but it’s this very feature that offers strong protection under Massachusetts law.
Compared to a revocable trust where you stay in full control this type of trust offers more security but less flexibility.
Why Consider One?
In Massachusetts, irrevocable trusts can:
- Keep assets out of reach from lawsuits and creditor claims
- Help with MassHealth eligibility by removing assets from your countable estate (if done at least five years in advance)
- Protect what you pass on from divorce or financial trouble your devisees may face
- Potentially reduce Massachusetts estate taxes
- Skip the probate process, keeping things private and quicker for your family
- Preserve capital gains tax treatment for your heirs especially on a primary home
Our team at Jordan & White, LLC can explain how this works in plain terms and help you decide if it makes sense for your situation.
Before You Decide
This type of trust isn’t right for everyone. You’ll give up control, you may need approval to make changes, and it requires a separate tax return. Plus, that five-year MassHealth look-back rule is real so timing matters.
We’re here to talk through it without pressure.
Let’s Talk About Your Options
Worried about how to keep your property protected in Massachusetts? Thinking about the future and not sure where to begin? Let’s figure it out together. Contact us today at 978-744-2811 to schedule a consultation, we’ll help you understand what’s possible and what’s not so you can make a confident choice.