When setting up an irrevocable trust to protect assets (mainly to get the clock ticking on the 5 year look back for Medicaid purposes), do you actually change the ownership on real estate, retirement accounts, investment/bank accounts, etc. from the Grantor's name to the trust name? At which point the Grantor has given up their assets and now the Trustee has control over the administration, management and distribution of trust contents. Versus a revocable trust where nothing really "changes", it just avoids probate.
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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com
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