Does The Trust Have To Be Irrevocable?
The law requires the Trust to be “irrevocable” for asset protection in the event long term care is needed. However, the term “irrevocable” is misleading. Irrevocable means that the Trust cannot be revoked by the Grantor (creator) of the Trust alone. But, the Trust can be revoked by all of the interested parties, which includes the Grantor and the named beneficiaries. For example, if Jane Doe set up a family trust, she cannot revoke it alone. Since she cannot revoke it, it is protected for Medicaid purposes. Jane Doe, together with her beneficiaries can revoke the Trust at any time.
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.