Who Will Oversee The Irrevocable Trust After Formation?
It depends on what the trust creator wants, combined with the needs that are imposed by law. Generally speaking, we’ll want two trustees to oversee an irrevocable trust, and we will want to help create a plan for the succession of trustees. That plan for succession will often depend completely upon the desires of the trust creator, but we can also supplement the succession plan with the use of trust protectors, who will help oversee the irrevocable trust and ensure that it has active trustees and that the trustees are administering the irrevocable trust appropriately.
Is It Too Late To Save Resources If A Loved One Is Already In A Nursing Home?
If a loved one is already in a nursing home it is more difficult to save resources, and the number of tools available to save resources are fewer, but it is not too late. We have to work harder, we have to work faster, and we sometimes are not able to save nearly as much. But even if your loved one is already in a nursing home, it is prudent to consult with a Medicaid planning attorney because there is almost always some benefit that can be saved for the person in a nursing home.
It is very common to give up. We have a case in our office right now where our client was in the nursing home for months before anyone brought their situation to our attention. But once we were able to get involved, we were able to save our client thousands of dollars and provide many comforts and assistance to the person in the nursing home using their own assets. This is money that would have been completely lost if no one had brought this situation to our attention.
Who Are Irrevocable Trusts Ideal For In Relation To Medicaid Planning?
Irrevocable trusts are of great assistance to people who own real estate, bank accounts, investment accounts or other such assets that they want to protect to assure that they have the best quality of life as long as possible and even hopefully leave some assets for others when they are gone. People who are indigent have little use for irrevocable trusts, but people who have saved some money for their old age would be wise to seriously consider using an irrevocable trust to help protect their assets and to protect their lifestyle when they are physically unable to care for themselves.
For more information on Overseeing An Irrevocable Trust, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 880-8960 today.
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