Estate planning attorney here. A well-written, well-funded, well-administered living trust can be very useful. However, many people who have them do not fund them well and frankly don't understand what it is all about. There are various ways to avoid probate if that is desirable. Also, choosing the wrong person to be trustee of your "living trust" can have catastrophic consequences as there is no supervision as there is with a court. Trusts may not be the right beneficiary for retirement plans. Creditor claims can be another issue with "living trusts". Approach with caution.
There are many ways couples can plan for Medicaid without using a MAPT. Some lawyers think the MAPT is a wonderful tool. Others do not. When I explain what an MAPT actually is many elderly clients lose interest since they want to control and use their assets. The children then find a lawyer who tells them what they want to hear.
Elder law attorney here. These trusts are irrevocable. The trust maker loses control of the assets. In 5 years he or she qualifies for Medicaid and may live in a dump of a nursing home while the heirs know they will enjoy the assets.
Comments
Generally individuals are the better choice for retirement plans and IRAs.
Post: The Financial Stress a Simple Document Could Have Prevented
Link to comment from May 25, 2026
Estate planning attorney here. A well-written, well-funded, well-administered living trust can be very useful. However, many people who have them do not fund them well and frankly don't understand what it is all about. There are various ways to avoid probate if that is desirable. Also, choosing the wrong person to be trustee of your "living trust" can have catastrophic consequences as there is no supervision as there is with a court. Trusts may not be the right beneficiary for retirement plans. Creditor claims can be another issue with "living trusts". Approach with caution.
Post: The Financial Stress a Simple Document Could Have Prevented
Link to comment from May 24, 2026
Outright gifting exposes the property to claims of the recipient's creditors.
Post: Medicaid Asset Protection Trusts (MAPTs)
Link to comment from March 16, 2026
There are many ways couples can plan for Medicaid without using a MAPT. Some lawyers think the MAPT is a wonderful tool. Others do not. When I explain what an MAPT actually is many elderly clients lose interest since they want to control and use their assets. The children then find a lawyer who tells them what they want to hear.
Post: Medicaid Asset Protection Trusts (MAPTs)
Link to comment from March 16, 2026
Elder law attorney here. These trusts are irrevocable. The trust maker loses control of the assets. In 5 years he or she qualifies for Medicaid and may live in a dump of a nursing home while the heirs know they will enjoy the assets.
Post: Medicaid Asset Protection Trusts (MAPTs)
Link to comment from March 15, 2026