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Revocable Trusts vs. Irrevocable Trusts

Revocable Trust
Irrevocable Trust
Can be changed (Revocable).  
Cannot be changed (Irrevocable).
Assets in the Trust remain under your complete control. After your passing, the Trustee(s) must manage and distribute  assets pursuant to the terms of the Trust. Assets in the Trust belong to the “Trustee”, who is not you, but you can still receive income (interest and dividends).  After your passing, the Trustee(s) must manage and distribute assets pursuant to the terms of the Trust.
The assets in the Trust can be spent any way you like. The assets in the Trust are no longer yours to spend, except for the income.
Also called a “Living Trust”. Depending on its particulars, sometimes also called a “Medicaid Trust” or “Asset Protection Trust”.
Assets are considered “available” for nursing home expenses. After 5 years, assets are ”disregarded” on a Nursing Home Medicaid application, and are thus “Protected”.
Avoids Probate in Surrogate’s Court, if
properly funded.           
Avoids Probate in Surrogate’s Court, if properly funded. 

 

 

 
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Licensed in New York State
    The Witecki Law Office
(518) 372-2827
8 South Church Street
Schenectady, NY 12305
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