Tag: gifting

Using an Irrevocable Trust to Plan for Medicaid

There are many Medicaid planning strategies designed to transfer assets without incurring a penalty.  (See http://www.perlalaw.com/blog/personal-caregiver-agreement/).  This blog will explore many of these strategies.  One such strategy is the Irrevocable Trust.  With an Irrevocable Trust, which is a trust that cannot be changed or terminated, drafted so that you receives only income and not principal, you can transfer your assets, wait 60 months and apply for long-term Medicaid without penalty. 

Why Can’t I Set Up a Revocable Trust Instead?

As a revocable trust can be changed or … Read the rest