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Irrevocable Trusts The following provides a summary of the main provisions of an Irrevocable Trust that this office frequently recommends for individuals who have three objectives: They want to assure that the value in their homes will eventually serve as an inheritance for their children. They need to retain access to the income from their liquid assets during their lifetimes. When they die they want the assets in the Trust to go to their beneficiaries free of any liens based on care they may need in a nursing home at the end of their lives. To be legally valid, such a Trust requires additional language not included in the following summary, and it must be executed according to accepted legal standards.
Summary of an Irrevocable Trust
Article 3: Use of Income and Principal Article 4: Designation of Trustees Article 5: Power of Authority of Trustees
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