| Irrevocable? Read on:
READER QUESTION:
If two people create the irrevocable Medicaid trust and one dies, the trust cannot be revoked…is my understanding correct? So, if the spouse who survives needs money, can the property in the trust be sold, and the proceeds be used by the surviving spouse to pay expenses? Thank you!
MY RESPONSE:
I have mentioned before that irrevocable trusts are revocable if you are still alive and the beneficiaries all agree. However, after the death of one spouse/grantor, the trust can never be revoked. Period! The sale proceeds, however, can be paid out to the beneficiaries, who can do anything they want with the money.
I hope this helps. |
