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How Irrevocable Trusts are Used for Medicaid Planning

Attorney Thomas B. Burton discusses how Irrevocable Trusts can be a useful tool used for certain assets as part of the Medicaid planning process.

Transcript of Video: How Irrevocable Trusts are Used for Medicaid Planning

Today's question how are irrevocable

trusts used in Medicaid planning so for

Medicaid planning you need to do the

planning ahead of time before you plan

to ever need to receive state medical

assistance through the Medicaid program

watch my previous video on how the

five-year look-back rule works an

irrevocable trust is one way to get

property completely out of your name and

out of your estate for purposes of

qualifying to meet the Medicaid asset

qualification test a good example of

a situation some people use an irrevocable

trust might be for a family cabin or

other special properties such as a

family farm that you wish to keep in the

family be cautious about using an

irrevocable trust because when it's

irrevocable that means it's no longer

changeable revocable living trusts are

what we commonly use in estate planning

as an estate planning tool as a Will

substitute and they can be revoked or

changed at any time an irrevocable trust

means you give up the power to change it

after you've created it so you want to

make sure the trust is designed

carefully to meet your needs other

situations where you might use an

irrevocable trust would be for your home

or other real estate asset that you wish

to protect again these transfers need to

be done ahead of time and I recommend

only going into them with the help of a

qualified a estate planning and Medicaid

planning attorney great question and

thank you for asking.

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

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