Submitted by Anonymous on Sat, 05/22/2010 - 07:13
I currently have a revocable trust with several pieces of property in it and some stock funds. If I amend the revocable trust to make it a irrevocable trust can I count any of the time (three years) I held the property in the revocable trust when figuring the five year look back for Medicaid? Or do I have to start the five year look back period as of the date of the amendment? Thank you in advance.
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Editor's Response
The five year look back period would begin as of the date of the amendment. If you follow this link to a thread that discusses the difference between revocable and irrevocable trusts, you will notice that the main issue is control of the assets. As long as you have control and use of the assets, the five years does not begin to run. So, until that five years pass, you would have to include the trust assets in any Medicaid planning. Frankly, this is a complex are of the law, and you should talk to your estate planning attorney.
you should not try such a revocable to Medicaid trust conversion
You should not try such a revocable to Medicaid trust conversion. This is the Doherty case (74 Mass. App. Ct. 439, 908 N.E.2d 390 (Mass. App. Ct., June 18, 2009 (NO. 08-P-939)). Such an attempted conversion failed in that case. It may fail in your case as well. You instead should establish a new Medicaid irrevocable trust and transfer your desired assets to it to start the respective five year look back clock. Feel free to contact us with any questions. We offer free consultations. Thank you.
David M. Beliveau, Esq., CPA
admitted to the Massachusetts, New Hampshire, and Florida Bars
Beliveau Law Group, LLC
Massachusetts ● New Hampshire ● Florida
393 Totten Pond Road, Suite 204, Waltham, MA, 02451
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