When it comes down to brass tax, the biggest difference between these two types of estate planning trusts is the fact that assets in a revocable living trust are not protected from a Medicaid spend-down for long term care, while assets in the properly crafted irrevocable asset protection trust are protected. Medicaid Estate Recovery liens can attach to assets in a revocable living trust, but not in the irrevocable asset protection trust. So choosing the type of trust that is right for your family is very important.
Download our free guide to learning the differences between a Revocable Living Trust and a properly crafted Irrevocable Asset Protection Trust. We explain the great differences between the two by using the stories of two families who chose different types of trusts.
Get Our Free Guide on the Differences Between Revocable & Irrevocable Living Trusts:
The "Right" Type of Trust Can Protect Assets from being Lost to Long Term Care
One of the biggest threats to your estate is the risk of a chronic long term care event destroying your estate at a rate of $7,000/month or more. With the help of a Certified Elder Law Attorney, the right estate plan can be developed with the right type of asset protection trust that will protect you & your estate from this very real risk. 50% of all folks over 65 will need long term care in their lifetimes.
If You Are Worried About Long Term Care Destroying Your Estate, We Encourage You to Learn About Long Term Care & Medicaid by Downloading One or All of Our Nine FREE Downloadable Medicaid Modules:
Module 1: Medicaid Basic Eligibility Rules
Module 2: Medicaid Income Rules
Module 3: Medicaid Asset Rules
Module 4: Medicaid Estate Recovery Liens
Module 5: Burial Allowances & Life Insurance Rules
Module 6: Medicaid Asset Transfer Rules & Penalties
Module 7: Crisis Case Examples of How We Help Families
Module 8: Pre-Planning Examples: How to Plan Ahead
Module 9: What is a Certified Elder Law Attorney (CELA) & Why Do I Need One?
Once you've learned the basics you might consider attending a free workshop, or taking advantage of a free asset protection consultation. Additionally, we offer you the ability to have us do a free asset protection analysis before you come in simply by submitting your information.