Listen to Lawrence…Can I revoke my irrevocable trust?

DAVIDOWLAW Uncategorized

I am writing this entry to LISTEN TO LAWRENCE on Monday, February 15th, 2021.  Today is Presidents’ Day.   Since I am in a holiday mood, I am writing this while sipping a glass of Long Island red wine from the McCalls Winery in Cutchogue on the North Fork, specifically their top-notch Bordeaux blend, Ben’s Blend. Delicious!
If you will allow me, this made me wonder what our presidents would probably be drinking today.  I looked it up and perhaps you will find the following article interesting or at least amusing.
and now on to one of your questions:
QUESTION:
Is it possible for me to revoke my irrevocable trust?
MY RESPONSE:
My official answer is no!  What part of irrevocable trust did you not understand? (Sarcasm, not snottiness intended…or is it the wine talking? 😊 Remember, if you can get your assets back, Medicaid can get them as well.
However……while you cannot unilaterally revoke the trust, an irrevocable trust can be revoked as long as ALL the trust beneficiaries consent to its revocation.  Keep in mind that my Medicaid trust contains a clause that could make things easier, where the trust beneficiaries can be changed at any time among your issue (children, grandchildren).  This right to change beneficiaries is called a limited power of appointment.  Nevertheless, no beneficiary can be compelled to consent to revocation.  Nevertheless, revocation is possible, as long as you (and your spouse if a joint trust) are still alive.
I hope this helps! Please forward this information to your friends and relatives to share these informative answers to some very commonly asked questions.
And, if anyone you know would like to receive this eblast newsletter, just have them email me at info@davidowlaw.com and I’ll add them to the list!
As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
LISTEN TO LAWRENCE
Stay safe!