If you want to pass on your belongings, big or small, to your next of kin, a trust is a great idea. There are many types of trusts depending on their specific structures and conditions. And you need to do some thorough research to decide which one is best for you based on your personal goals.
An irrevocable trust can look like a great option to you if you need to qualify for Medicaid or other government subsidies. There are some things you should be mindful of when setting up an irrevocable trust in NYC. This kind of trust is not for everyone since it is a direct signing off of your assets with no power left to you. However, if you are in one of the following situations, an irrevocable trust can be a good idea—with an attorney’s go-ahead.