An Irrevocable Trust used for asset protection may have a different name depending on who you ask (Irrevocable Income Only Trust, Asset Protection Trust, Medicaid Qualifying Trust, etc.), but its primary purpose remains the same. This type of trust, after the passing of the applicable lookback period, exempts the assets contained within from being counted as an available resource for qualifying for homecare or institutional Medicaid.
As long-term care needs and financial circumstances can change, the key to drafting these trusts is maintaining flexibility. For senior clients in particular, having a trust with maximum flexibility is essential.
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