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Irrevocable trusts can be a powerful tool for Medicaid planning, as they allow individuals to transfer assets out of their estate while potentially preserving eligibility for Medicaid benefits. However, the timing of establishing such trusts is crucial due to the 5-year look back rule.

Once assets are placed in an irrevocable trust, you no longer have control over them, and they won't be included in your Medicaid eligibility determination after five years. It's important to plan well in advance, as the 5-year look-back rule still applies.

Personal trusts are further divided into either 1) Under Declaration of Trust (U/D/T) meaning the grantor and the trustee are the same person and the grantor controls the trust assets, and 2) Trust Under Agreement (U/A) meaning the grantor and the trustee are different persons and the trustee controls the trust assets.

A certification of trust is a type of declaration of trust. The difference is that it excludes the details of what property is held in the given trust and the identity of beneficiaries.

A declaration of trust, or nominee declaration, appoints a trustee to oversee assets for the benefit of another person or people. The declaration also describes the assets that are to be held in the trust and how they are to be managed. State laws have different requirements for the creation of a declaration of trust.

declared trust is when someone who owns something declares that they now own it for someone else's benefit. Example 1: John owns a house and declares that he now owns it for the benefit of his daughter, Sarah.

Declaration of trust is the document used to establish the primary details of a trust. While some states allow oral declarations, many states require a written declaration of trust outlining the essential pieces of the trust in order for it to be legally recognized.

A trust is basically a contract, about 20-30 pages long, that you create as the “Settlor” (or may also be known as a “Grantor” or “Trustor,” these words mean the same thing) The contract is revocable, meaning you can change it any time you want when you are the Settlor.

The trust must be amended by all parties if the trust has been funded by more than one person and it is community property that makes up the trust. If the property is funded solely by one party, they may amend the trust by themselves. The trustee must notify any party not privy to the amendment of the trust document.