“Irrevocable” Medicaid Trusts

The NY Estate and Wealth Planning Blog has a post on medicaid planning trusts, specifically highlighting some planning points for making such irrevocable trusts “revocable” (under New York law).

Some important points:

  • Medicaid Trusts must be funded at least five years before the grantor applies for medicaid;
  • Procedures under the EPTL §7-1.9(a) for undoing the trust; and
  • Considerations for trusts with grandchildren (and other minors) as beneficiaries.