Transform Wealth with Expert Irrevocable Trust Medicaid Guidance
Key Considerations When Setting Up an Irrevocable Trust
While the benefits are substantial, setting up an irrevocable trust requires careful planning and professional guidance. It's crucial to understand that once established, the terms of an irrevocable trust cannot be altered without the consent of the beneficiaries. Therefore, working with an experienced estate planning attorney is essential to ensure the trust is tailored to your specific needs and goals.
Moreover, timing is critical. Medicaid has a five-year look-back period, meaning that any transfers to an irrevocable trust must be made at least five years before applying for Medicaid to avoid penalties2. This makes early planning and consultation with experts even more vital.