What options do I have to protect and control my assets?
The words "protect" and "control" used in the context of one's assets are often considered to be mutually exclusive goals; they need not be. The primary tool used to both protect and control assets is the irrevocable trust. Many professional advisors that are not comfortable and skilled at drafting complex trusts may tell you, because of more restrictive Medicaid trust rules, that irrevocable trusts are not useful in the Medicaid planning arena. Nothing could be further from the truth. Used properly, the irrevocable trust can be one of the most powerful planning tools available. Working with an attorney who is both intimately familiar with the Medicaid rules and adept at designing and drafting irrevocable trusts will allow you to utilize these extraordinarily powerful and flexible tools to accomplish your goals.