The major reasons for wanting to form an irrevocable trust. As the article states, caution is needed as “an irrevocable trust that protects you from estate taxes is usually not Medicaid-compliant, and was most likely not set up with a permissible trustee to allow the creditor protection an asset protection trust affords.” Definitely be aware of the drawbacks before treading into this territory and seek the advice of a professional estate planner.
