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Thank you for your answer. If I go for irrevocable, would I loose interest tax deduction, homestead and other exceptions? I am not paying cash for house and car - I would expect to work as long as I can certainly 5 years until medicare but perhaps 8-12 years to pay for that house, with my around 85K-110K wages and 120K in IRA savings. Not sure I should contribute to 401 at this age and contested custody. Could you please clarify?
I luck the confidence to choose to entrust the current legal system at my own will to make decision on irrevocable trust later when it matters the most. I'd rather seek some other financial vehicles, ones that could not possibly involve courts.
But can I keep irrevocable trust almost empty but leave the trust as beneficiary in my life insurance and property ownership in my will? Would it be a better way to leave me a freedom of choice? I do not think I would need medicaid in the next 10-13 years. I will be only 68 when my son turns 18. Five years after that I should be fine. Besides I am not sure medicaid will still be available in 13 years down the road.
I am more concerned of rumors of coming laws or presidential orders making it as countable for medicare and even regular SSN, as well as being countable assets to deny my son's future college scholarship applications. Besides I do not see good clear investment choices and sitting in cash it does not make sense. I'd rather move it to something that protect it from college scholorships, medicare, ssn deaming it countable assets 8 years down the road.
I'd rather buy a house and new luxury car since I expect an inflation to kick sooner or later.. Hiding it in irrevocable trust locks it forever for unforseen future that I have no clue about, and cannot utilize and save my costs as house and a car would let me. But how to draw from IRA with my about 100K salary, I wonder?
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