Will monies in irrevocable trust count as income/asset?

Discussion in 'Countable Income' started by oktxazwi, Feb 9, 2017.

  1. oktxazwi

    oktxazwi Newbie

    My mother has just moved to assisted living. Her current income from Social Security and pensions is about $1200 more than the cost of the facility (not including other medical expenses). I expect this amount will go up as she needs more care. We had an irrevocable trust set up several years ago that has just over $80,000 at the current time. We now need to transfer monies to pay for her care. Will this cause the entire trust to be considered an asset?
     
    Kaylin likes this.
  2. Kaylin

    Kaylin Hero Member Staff Member

    If she uses the trust money then yes, it will be an asset. If she gains access to it.
     
  3. oktxazwi

    oktxazwi Newbie

    She doesn't have direct access to the trust. Her children are the trustees and we will have to get the money that she needs to cover the $1200 difference in her income and cost of the assisted living center. So would only the portion that we take out for her be an asset?
     
    Kaylin likes this.
  4. Kaylin

    Kaylin Hero Member Staff Member

    That should mean that the trust is not considered an asset. Just make sure it is clear that she does not have access to it.
     

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