Good morning. I have an irrevocable trust with you. My son passed away and my daughter-in-law is the trustee and is raising my 3 grandkids on her own. I have $15,000 in cash in the trust and would like to gift it to my twin grandkids to help with a car. I do not want to generate any income to me but if I can withdraw that amount with no penalty, I would like to do that. Is it possible?
YOU CAN NEVER WITHDRAW MONEY FROM THE TRUST. IF YOU CAN GET IT, MEDICAID CAN GET. CAPISCE?
However, I draft my Medicaid irrevocable trusts so that, with your consent, your trustee can take money out of the trust, at any time, and gift it directly to the trust beneficiaries, which would include your twin grandkids. I hope they drive safely! 😊
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