If you are the trustee of your revocable trust, then you still have full control and authority over the assets you choose to place in your trust. If you are preparing and funding a trust for long term care asset protection or for tax planning, then yes, you will be relinquishing a certain amount of control. Remember, if you still controlled the assets in the trust, then Medicaid (or the IRS) will still consider them yours and your objective wouldn’t be accomplished.
By Esther Schwartz Zelmanovitz
