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Using Irrevocable Trusts to Preserve Governmental Benefits
Irrevocable trusts are often used to help preserve someone's governmental benefits. The articles below are designed to provide additional background information.
- A brief summary about the workings of a Special Needs Trust, also known as a Supplemental Needs Trust.
- Irrevocable Trusts are often used to protect assets from the impact of long-term care. Moving assets out of your name has serious consequences. Read over the problems with making outright gifts even to trusted persons.
- Not all trusts work to preserve assets in case of a nursing home stay. Here is a brief description of how trusts are treated under Medicaid/MassHealth laws.
- Oddly enough, irrevocable trusts (and deeds) do not have to be totally irrevocable to preserve assets in case of a nursing home stay. Here is an article about the use of special powers of appointment in trusts. However, keep in mind that some powers of appointment work, and others don't.
- Before you explore irrevocable trusts to preserve someone's home, make sure you know your other options. An article about protecting the home.
- Do you know the tax impact of various ways of transferring the home to others? This article tells you how.
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Copyright 2001-2006, Attorney Brian E. Barreira - 508-747-8282 - serving Plymouth and surrounding counties. Site designed and hosted by RW Mullaney Consulting*This Web-site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek independent counsel for advice regarding their individual legal issues.
