Revocable trust vs Irrevocable
In your presentation at Uline you said to setup a Revocable trust. Is it not better to setup an Irrevocable trust so you don’t have to do that later in life. Especially if you have kids that can manage it for you? It has been my experience that my Mom setup a Revocable trust and it is more or less a fancy, expensive will. My mother in-law has an Irrevocable trust and it has provided her much more in allowing her to get more support from things like the VA, things my mom does not qualify for because the assets of a revocable trust are not hidden.
Terry Says
If you transfer assets to an IRREVOCABLE trust, you can’t get them back. And that can be a terrible mistake — especially if you are younger. AND, if you transfer assets just to qualify for low income/asset benefits like Medicaid nursing home care in your old age, the state can look back at transfers made within five years (longer in some states) and demand repayment!
I encourage you to read that chapter in The Savage Truth on Money to learn the many was a REVOCABLE LIVING TRUST is superior to a simple will or joint tenancy.
