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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 54014
Experience:  29 years of experience practicing law, including tax and estate planning.
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Can revocable or irrevocable trust protect you against

Customer Question

can revocable or irrevocable trust protect you against nursing homes
Submitted: 6 months ago.
Category: Estate Law
Expert:  Richard replied 6 months ago.

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Expert:  Richard replied 6 months ago.

A revocable trust provides no creditor protection; it's simply a means to avoid probate. Because it's revocable, the assets are still within the control of the grantor and thus creditors can go after assets in a revocable trust. An irrevocable trust would provide protection, but if government aid is being sought for nursing care, you do need to be aware that there is a 5-year look back period...meaning that any assets transferred to an irrevocable trust or other party for less than fair market value will be considered in the grantor's/donor's eligibility for government assistance.

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