Irrevocable trusts in Medicaid Asset Protection Planning
Irrevocable trusts for the protection of the assets in Medicaid PlanningWhile the transfer of assets is a great way to gain and protect your assets for Medicaid eligibility criteria, there is a big disadvantage for capital transfers. If you are a transfer of assets you give away basically. This means that you no longer have control over that asset. Even if a transfer of assets to a trusted family member, they may risk the loss of the asset or the expenditure on their own behalf. A better solution is to move an asset into an irrevocable trust instead. A trust is a legal person, in which a person is appointed, a trustee. The trust is legal ownership of the assets. Those who will benefit from the trust as the beneficiary known. The trustee must follow all rules associated with the named trust. In some cases, the assets in the trust against Medicaid resource limits are counted. It is therefore absolutely necessary to be aware of all rules and regulations regarding trusts and Medicaid eligibility. It is also important to know the difference between an irrevocable and a revocable trust. A revocable trust can be amended or repealed by the person …
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09. May, 2010 