Irrevocable/Revocable Trust

[Anonymous]

Can someone explain the differences to me? I can't seem to get a good answer--my parents financial advisor told them to do irrevocable so they can sell properties if they wish-- but I worry that the nursing homes could have access to them this way. Please help! TIA

[Anonymous]

are you trying to hide assets from medicaid? Why is that something I should help with?

[Anonymous]

Individuals who wish to protect assets for the future and commence the running of the so-called 5 year look-back period would be well advised to consider an Irrevocable Trust.

[Anonymous]

Anonymous wrote:are you trying to hide assets from medicaid? Why is that something I should help with?

Dude if they had assets they would not even be qualified for medicaid...
geez

[Anonymous]

http://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/revocable_trusts.html

http://wills.about.com/od/overviewoftrusts/a/revvirrvtrs.htm

[Anonymous]

Anonymous wrote:are you trying to hide assets from medicaid? Why is that something I should help with?

Are you always so generous with your advice?

[Anonymous]

Anonymous wrote:

Anonymous wrote:are you trying to hide assets from medicaid? Why is that something I should help with?

Are you always so generous with your advice?

Actually I am pretty helpful, but I think people should stop and think twice before assuming it's ok to put multiple "properties" into trust so that "the nursing home doesn't have access to them" (not sure how to interpret that except as a suggestion that they plan to use nursing home care and not pay for it themselves)