Personal Finance (Not Investing) • attorney suggested an irrevocable trust

I am of the understanding that the Grantor of an irrevocable trust can be the initial Trustee and a Beneficiary, therefore controlling the assets during the lifetime of the Grantor and Beneficiary.

I am also of the understanding that an irrevocable trust can be changed (modified), albeit with time and legal expense.

Are these understandings correct?

Those things can't be true and have the trust assets protected from Medicaid.

Thanks for the comment. Do you know if they are correct or incorrect? Saying they "can't be" is not authoritative.

Your points are technically correct, but that basically defeats every purpose of an irrevocable trust that I can think of. Why would you bother?

You aren't a trust lawyer, are you? If true, that would make two of us.

What is the most-cited reason for creating an irrevocable trust? The reason is not voided when the Grantor is initial Trustee and Beneficiary.

Statistics: Posted by toddthebod — Mon Aug 19, 2024 8:38 pm — Replies 11 — Views 762