Trusts can be very useful for a wide variety of people. Some - TopicsExpress

Trusts can be very useful for a wide variety of people. Some trusts are used by high net worth individuals who are exposed to the federal estate tax. These would be irrevocable trusts. This type of trust could also be used by people who want to protect assets, and an irrevocable trust could help if you are spending down assets to qualify for Medicaid. Many senior citizens seek eligibility for Medicaid because Medicare does not pay for long-term care. Revocable Living Trusts Revocable living trusts provide different benefits. A revocable living trust would not provide asset protection during your lifetime or estate tax savings (unless you are married). In addition to this, assets in a revocable living trust would be counted when Medicaid was determining your eligibility. These trusts are popular for avoiding probate and providing asset protection for children after you pass. If you use a last will instead of a trust to arrange for the distribution of your personally held assets, the pr

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