Protecting Your Home and Other Assets with an Income Only Irrevocable Trust

To protect your home and other assets from creditors and long term care costs, consider using a Trust agreement to hold ownership of those assets. Trust agreements that do the job of owning and protecting assets must be irrevocable, meaning that you can't change your mind after you have transferred property into the Trust. But the tax and trust laws do allow flexibility about how assets in the Trust are managed and distributed.