Why You Need an Irrevocable Trust

Planning for Medicaid is difficult, whether you're doing so for yourself or for an elderly loved one. How can you stay eligible for Medicaid without losing your assets? Trusts, as AgingCare explains, are one method. But what kind of trust should you get? It must be an irrevocable trust.

Under current Medicaid law, if you take out any of your trust's principle funds, the entirety of the trust is then considered to be an asset. Irrevocable trusts are trusts that cannot be changed in any way. In the eyes of Medicaid, this means that you cannot change the trust to give yourself access to the funds. 

AgingCare goes into a more detailed explanation. Consulting with a qualified elder law attorney will help you immensely as you deal with Medicaid. They will be able to advise you and help you determine the best course for yourself and your loved ones. 

For further information, visit AgingCare here: https://ow.ly/YKGl30mtOoz

Did you set up a trust to protect your assets? Share your experiences in the comments!