Irrevocable Trusts vs Special Needs Trusts - How They Work and Key Differences

Do you need an Irrevocable Trust? Do you need to establish a trust for a loved one with special needs?

In this episode, we cover the basics of irrevocable trusts and special/supplemental needs trusts. We discuss how they work, who is involved, key differences between revocable and irrevocable trusts, disadvantages of irrevocable trusts, overview of special needs trusts, common questions about putting a house into a trust to avoid Medicaid estate recovery, and more.

This content was written by Spencer S. Hall CFP®, RLP ®, CKA ®, MBA, MDiv

Spencer is a Certified Financial Planner™ with 14 years in the field of retirement and financial planning. As a second-generation financial advisor at Retirement Planning Services, Spencer brings a wealth of experience and passion to help clients align their wealth with their core values.

Advisory services offered through Retirement Planning Services, LLC.

The information in this article is intended for general educational and informational purposes only, and should not be construed as investment advisory, financial planning, legal, tax, or other professional advice based on your specific situation. Please consult with your professional advisor(s) before taking any action based on its contents.