Hello, my name is Rachel West and I am the paralegal in the trust department. One of the questions that I get is what is the difference between a revocable trust and an irrevocable trust? The irrevocable trust has three main purposes. The first one is it will protect the assets from Medicaid spend down after five years and a day.
The second thing it will do is avoid probate and the third thing it will do is allow for specific distribution. The downside of that trust is someone has to manage it so you have to have someone that you trust to do that. The revocable trust has two main purposes.
The first thing it does is it will protect your assets from probate immediately and it will allow for specific distribution. You manage that while you’re alive and the downside to that trust is that it does not protect from nursing home. Thank you and have a great day.