Irrevocable Trusts Can Help Protect Family Assets But Restrict A Person's Future Use of The Assets Put Into The Trust by Austin Texas Irrevocable Trust Lawyer Jason S. Coomer

Irrevocable Trusts including Medicaid Trusts, Irrevocable Life Insurance Trusts (ILITs) and other irrevocable trusts limit the control of the settlor (creator of the trust) over the assets put into the trust in order for the trust to accomplish a particular purpose. These trusts can be beneficial including allowing a person to qualify for Medicaid benefits without draining a family's assets or avoid estate tax implications, but the irrevocable trust can also result in a person losing control of their assets.

It is vitally important that any person creating an irrevocable trust understand why the trust is being created and the future limitations that will be on their assets once the irrevocable trust is created.

For questions on Texas Irrevocable Trust matters, please send an e-mail message to Austin Texas Irrevocable Trust lawyer Jason S. Coomer at texasprobatelawyer@texaslawyers.com or use our contact form.

This Texas probate information website was created by Texas probate lawyer Jason S. Coomer and is intended only as general information on probating Wills, helping Executors, drafting Wills, contesting Wills, filing Suits to Determine Rightful Heirs of property and estates, filing Small Estate Affidavits, filing Affidavits of Heirship, filing Applications for Guardianships, fighting Involuntary Guardianships, filing Guardianship Reports, filing breach of fiduciary duty claims, estate planning, and clearing title to property and assets. Please contact Texas attorney Jason S. Coomer for or a licensed Texas lawyer for legal advice pertaining to Texas Probate matters.