Irrevocable Income-Only Trust - IIOT

See: Living Trust.

You’re getting older. Like...you're having trouble remembering your kids’ names. Pretty soon, those anonymous people claiming to be your children will be shipping you off to the nursing home. You're worried that, eventually, the old-age facility will force you to start selling assets in order to pay for your ongoing care and medical treatment. But you want to preserve those assets to pass onto your heirs (whatever their names are).

Or, through another lens, it works like this: you put your assets into the IIOT. Now those assets are owned by the trust. No one can touch them. Not even you...that’s the irrevocable part. Once you put the assets in, you can’t get them back.

However, you still get income generated by the assets. You get income checks from the trust (to pay what nursing you can). But if you run short of funds, no one can force you to sell the assets in the trust to raise money. You don't technically own them anymore.

Then, when you eventually shuffle off this mortal coil, the whatever-their-names-are who are named your beneficiaries can inherit the items in the trust.