Does a Revocable Trust protect my life savings?
No. We have many clients coming to us with trusts prepared by other attorneys. Many of these clients are under the impression that their assets are protected when they have done a revocable trust in the past. A revocable trust can be an excellent planning tool for other purposes such as to avoid probate. Sometimes a revocable trust with long term care insurance is a good option. Since you can freely withdraw funds from your revocable trust, those funds are considered available by the Medicaid Agency to be spent towards the cost of your care.
Still Have More Questions?
Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.