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.”
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