IREVOCABLE LIVING TRUST
(Also known as an Asset Protection Trust)
An asset protection trust is an irrevocable trust used to protect assets from a nursing home and Medicaid in asset protection planning. It's sometimes called a Medicaid trust. Typically, the income from the trust will go to you. If you want to protect assets and still be able to pay for your living expenses, this kind of trust can do the job. Sometimes, the home is placed into this trust and you are able to live in your home and never have to worry about losing it due to a catastrophic illness
This type of Irrevocable Living Trust has the same advantages as the RevocableTrust,however, once created cannot be changed unless everyone involved in the trust agrees.
This trust is ideal to protect your family home. It permits you to remain in your home for the rest of your life, keep all your income and protect it should you need long term care.
This trust usually will not affect your lifestyle since you still receive your pension and social security checks directly, have the right to stay in your home and keep all of your real estate tax exemptions. The trust can sell and trade assets through a trustee that you choose and you may change the trustee at any time.