Description: Revocable vs. Irrevocable Trusts . The trick is to turn your countable assets into non-countable assets. Some people look to trusts as a way to accomplish this goal. Unfortunately, not all trusts are created equal. You need to understand the difference between a revocable and an irrevocable trust.
DA: 80 PA: 70 MOZ Rank: 88
Description: An irrevocable trust that has been properly established offers several benefits. Assets in an irrevocable trust are shielded from creditor claims, estate taxes and a Medicaid spend-down. A revocable trust allows a grantor to retain a fair amount of control over trust assets. This is an expedient way to avoid a probate battle.
DA: 46 PA: 78 MOZ Rank: 100
Description: Revocable Trusts. Many people are under the mistaken belief that a transfer of an asset to a revocable trust will help the individual qualify for Medicaid. Assets held in a revocable trust are always treated as still being owned by the individual for purposes of Medicaid eligibility.
DA: 28 PA: 45 MOZ Rank: 99
Description: A type of irrevocable trust that can be used for long-term care planning is a Medicaid trust or income only trust for Medicaid planning. Revocable living trusts can be used for pre-Medicaid planning by allowing the trust to administer assets in order to maximize qualification for Medicaid and SSI disability benefits.
DA: 90 PA: 59 MOZ Rank: 37
Description: Irrevocable Trusts vs. Revocable Trusts. Medicaid trusts, where allowed, provide some protection for assets transferred into trust. Rather than spending down all of their assets, grantors with properly-structured trusts that conform to state-specific requirements may be able to protect trust assets. To qualify, Medicaid trusts must be irrevocable.
DA: 73 PA: 59 MOZ Rank: 13
Description: FAQ: Revocable Trust vs Irrevocable Trust. Updated: 7 days ago. ... And maybe you are trying to qualify for certain benefits, such as Medicaid or VA Aid & Attendance, and you want to protect certain assets from being spent-down for eligibility purposes.
DA: 98 PA: 85 MOZ Rank: 71
Description: Assets in a revocable trust are available to the settlor, and are therefore “countable” assets for purposes of Medicaid eligibility. Certainly a trust can be drafted as an irrevocable trust, with provisions that make the trust assets unavailable to the settlor.
DA: 58 PA: 85 MOZ Rank: 87
Description: The revocable trust can enable you to maintain more control over your assets by naming yourself as the trustee, and you always have the option of ending the trust if it no longer suits your needs. Benefits of an Irrevocable Trust. The irrevocable trust has its own benefits, of course – and some of them mirror those of the revocable variety.
DA: 81 PA: 89 MOZ Rank: 96