While you no longer must meet strict income and asset requirements to qualify for Medi-Cal, California’s Medicaid program, you should still consider a proper planning strategy for long-term care. An irrevocable trust can be a valuable tool in helping you achieve this aim.
How does it work?
An irrevocable trust is a separate legal entity distinct from the person who creates it. When you transfer assets to a trust, their legal ownership changes, and they are no longer considered your property. Instead, the trust owns them. An irrevocable trust can be particularly beneficial if you want to preserve assets for your beneficiaries.
Do not risk costly mistakes
If you are considering using an irrevocable trust to plan for your long-term care while looking out for your loved ones’ financial well-being, it is essential to seek legal guidance. You do not want to end up with an improper, void or invalid irrevocable trust that will not do the job when it matters most.