The Listen to Lawrence Letter: Adding to a trust later on

CLIENT QUESTION:

My husband and I put our house in an irrevocable Medicaid trust with your firm about 5 years ago. I would like to put assets in another separate trust since adding assets to our current trust would start a new 5-year look-back. Can I have 2 irrevocable trusts?

MY RESPONSE:

Yes!  As a matter of fact, you can have 10 trusts! 😊 Understand that putting assets in a new trust will create a five-year look-back for that new trust, but will not taint the old trust. Adding assets to the old trust could be a problem for the house if you do not get through the new five-year look-back. I think you are on the right track.

And, if anyone you know would like to

receive this Listen to Lawrence Letter just

tell them to send their email address to info@davidowlaw.com and I’ll add them to the list!

As always, please send your questions in! 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. Stay safe!