Archive for category Living Trust
A Revocable Trust is not a good tool for Medicaid Planning. Medicaid is a form of creditor. Creditors can lien assets that are in control or owned by the Debtor. A Revocable Trust allows the Creator of the Trust to have absolute control over the Trust assets. They are free to revoke the Trust, withdraw assets and manage the funds (Usually by being the Trustee and Beneficiary). For this reason, a Revocable Trust is not useful for Medicaid Planning because the Trust property remains in the Creator’s control. A better reason to establish a Revocable Trust would be to avoid probate, preserve privacy, deter a contest or entrust asset management in the event the Creator becomes incapacitated.
If you wish to learn more about Trusts, think about attending this seminar on October 19th. Seminar Info