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.
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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.