Revocable vs Irrevocable Trusts: Avoid Probate or Protect Assets for Medicaid?

Описание: Revocable vs irrevocable trusts - what’s the difference and which one does your aging parent actually need?

There’s a big difference between a revocable trust and an irrevocable trust - especially when Medicaid planning is involved.

If you’re helping aging parents navigate estate planning, understanding the difference is critical. Not all trusts work the same way, and choosing the wrong one could impact probate, asset protection, or future Medicaid eligibility.

Kim & Mike Barnes of Parenting Aging Parents sit down with estate planning attorney Keith Leuty of partnering sponsor Barnett & Leuty to explain:

• What a revocable trust actually does
• When an irrevocable trust makes sense
• Why revocable trusts do not protect assets from Medicaid
• How trusts avoid probate
• What happens when a trust becomes irrevocable
• How special needs trusts work
• The emotional challenge of giving up financial control

This conversation is designed to help adult children understand the terms, ask better questions, and make informed decisions before meeting with an attorney.

⚖️ This video is for educational purposes only and is not legal advice. Every family’s situation is different.

🔔 For more expert guidance on caregiving, estate planning, Medicaid, dementia, and preparing for the future, subscribe to Parenting Aging Parents.

0:00 Why “You Need a Trust” Causes Confusion
1:00 Revocable vs Irrevocable Explained (Tent vs Brick Wall)
2:40 What a Revocable Trust Actually Does (Avoiding Probate)
4:10 Can You Change a Revocable Trust?
5:50 When a Trust Becomes Irrevocable
8:30 Medicaid & Irrevocable Trusts
9:10 Who Controls an Irrevocable Trust? (Limo Analogy)
11:15 Supplemental / Special Needs Trust
13:20 The Emotional Side of Giving Up Control
14:05 Why Revocable Trusts Don’t Help With Medicaid
16:05 Can an Irrevocable Trust Be Changed?
18:30 Final Advice
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