What is an irrevocable trust?
An irrevocable trust is a type of legal trust that may be established under Disability Planning Law in California. It is a document that allows a person to transfer the ownership of their assets to another person or entity, such as a trust manager, while still maintaining some control over the assets. This type of trust cannot be changed or revoked once it has been created, which ensures that the individual’s assets remain safe even if something happens to them. Irrevocable trusts are often used in California to provide asset protection for individuals with disabilities by providing them with long-term financial security. They can also be used to protect assets from creditors, ensure proper estate and tax planning, and provide for long-term care needs. An irrevocable trust can be a powerful tool for those with disabilities in California, providing assurance that their assets will remain safe and secure for themselves and their families.
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