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Basic Estate Planning

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Answers to Common Questions about Irrevocable Trust planning–Part 2

This edition of the Koldin Law Center E-Newsletter is part of a series on answers some common questions we receive about Irrevocable Trust planning.

All prior newsletters are saved on our website. You can read them by clicking here.

Question: If I want change an investment in my Irrevocable Trust, do all Trustees have to act jointly to carry out my wishes or can any single Trustee act on my behalf?

Answer: When the Trust Agreement is prepared, you can decide whether the document is written to require Trustees to act jointly or separately. However, some financial institutions will not set up accounts requiring joint signatures.

Question: What is the 5 year lookback period for transfers to my Irrevocable Trust?

Answer: Under current Medicaid law, if you require nursing home care, you must disclose any transfers you have made within 5 years from the date of the Medicaid application. Those transfers are subject to the Medicaid transfer penalty rules before you can qualify for Medicaid coverage of your nursing home bills.

Question: If my spouse and I have a joint Irrevocable Trust and one of us dies, does the 5 year lookback period start over?

Answer: No, the Trust just continues on as before for the surviving spouse.

Question: Are the assets in my Irrevocable Trust protected 5 years after we sign the Trust document?

Answer: No, each asset that you transfer to your Trust is protected separately 5 years from the date that asset/account was transferred to your Trust.

The next edition of the Koldin Law Center E-Newsletter will answer more common questions that we have received about Irrevocable Trust planning.

For more information about Irrevocable Trusts, please see our website by clicking here.

At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care. Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy. We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.

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Our Attorneys are available to speak to your organization

Our Attorneys speak to groups throughout New York State as a public service. If you would like to arrange for one of our Attorneys to speak to your group, please contact our office.


We appreciate your referrals

We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.

We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.

We all share the responsibility for making our family and friends aware of the planning options available to them.

Your referral to the Koldin Law Center could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.

Remember that the Koldin Law Center offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.

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