Trusts & Estates
The Irrevocable Income Only Trust
In this article, Mahoney discusses the use of the Irrevocable Income Only Trust as a mechanism in Medicaid/nursing home planning. He probes issues such as whether the deeding of realty into an IIOT would make a pre-existing mortgage due and payable; the use of testamentary powers of appointment; escape hatches; Adult/Child Trustee pitfalls; and issues related to appointing a “Designating Person.”
To learn more about the use of the Irrevocable Income Only Trust and to access the article, please fill out the form below.
Complete the form to get your free guide
Related Resources
Amending an Irrevocable Trust: The Dos and Don'ts of Decanting
Decanting irrevocable trusts is an increasingly popular planning strategy, but beware of the pitfalls, tax implications, and trustee fiduciary duties.
Learn More
When the Irrevocable Trust No Longer Fits
Life comes at you fast. Learn 3 ways estate planning attorneys can modify an irrevocable trust and preserve client benefits.
Learn More
Case Studies in Asset Protection, Part 4: ILITs, SLATs, and SATs
Download this brief to learn more about the advanced asset protection strategies - ILITs, SLATs, and SATs
Learn More