A Revocable Trust is useful when the Creator wants to have access to the assets during his or her life.  This is made possible by making the Creator both the Trustee and the Beneficiary of the Trust. On the other hand, an Irrevocable Trust is used when the Creator chooses to give up the right to gain access to the Trust assets after the Irrevocable Trust has been created and funded.  If the Creator has no access to the Trust, they have no legal way of giving that money to their creditors to pay debts.  Therefore, having an Irrevocable Trust is useful for Medicaid Planning because it prevents Medicaid or other creditors from gaining access to the Trust funds.  An Irrevocable Trust funded 5 years before the Creator applies for Medicaid can be a very successful tool in preserving the trust assets.

If you wish to learn more about Trusts, think about attending this seminar on October 19^th.   Seminar Info