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.
Search Existing Questions
Login to Post Questions
Tell Us What You Think
The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com
Disclaimer
The answers and information provided on this site are for informational purposes only and are NOT substitutes for professional legal advice. Before making legal decisions, you should discuss your specific circumstances with an attorney.
Medicaid planning
When setting up an irrevocable trust for medicaid planning, the person establishing the trust gives up control of the assets being placed in the trust. So, yes, there is an actual change of ownership. Follow this link for more information about Medicaid planning in MA. Please talk to an estate planing attorney before attempting this type of planning.