Trusts can be an important tool in estate planning. However, it is important to pick the right type of trust, depending on your goals and circumstances.
A Revocable Trust may be your friend. Revocable Trusts allow you to maintain some control over your assets but only if you have put them into the trust, and trusts may allow you to avoid probate of those trust assets. Since the trust is revocable, you can change, amend, or revoke its terms and conditions at will. When the time comes that you can’t perform the duties as Trustee, your designated successor gets in the driver’s seat.
On the other hand, if you need to plan for Medicaid eligibility in order to receive long-term care, or protect your assets for your loved ones, an Irrevocable Trust may be what you need ‘ and there are many types of irrevocable trusts from which to choose. However, Irrevocable trusts are almost set in stone once they are complete, and changing them may not be easy.
Because of the great variety of trusts, it is important to that you consult with a qualified elder law attorney to select the terms and conditions that are best for you and your family.