By Olivia Wann

Many people assume that all trusts provide the same benefits, but that is not the case. A Revocable Living Trust and a Medicaid Asset Protection Trust (MAPT) serve very different purposes, and choosing the wrong one can have significant financial consequences.

A Revocable Living Trust is primarily an estate planning tool. It allows you to manage your assets during your lifetime, avoid probate upon your death, and provide for the orderly distribution of your estate. Because you retain complete control over the trust, you may amend or revoke it at any time. However, this control comes with an important limitation: the assets in a revocable trust are still considered your assets. As a result, they remain available to creditors and are generally countable when determining eligibility for Medicaid long-term care benefits.

A Medicaid Asset Protection Trust, on the other hand, is an irrevocable trust specifically designed to help preserve assets while planning for future long-term care needs. Once assets are transferred into the trust, the grantor gives up direct ownership and control of those assets. If the trust is properly drafted and funded, and the transfer occurs outside Medicaid’s five-year look-back period, the assets held in the trust are generally not counted for Medicaid eligibility purposes. This allows individuals to qualify for Medicaid benefits while preserving assets for a spouse, children, or other beneficiaries.

The tradeoff is that an irrevocable trust cannot simply be changed or revoked at the grantor’s discretion. Because of the legal and tax implications involved, a Medicaid Asset Protection Trust should only be established after careful planning with an experienced elder law attorney.

Both trusts avoid probate.  These trusts allow us to add sub trusts for minors, special needs, beneficiaries who are chemically dependent, and other types of contingencies to benefit those who are beneficiaries.

In short, a Revocable Living Trust helps families avoid probate and simplifies estate administration, while a Medicaid Asset Protection Trust is designed to protect assets from the high cost of long-term care and assist with Medicaid eligibility. Understanding the distinction between these two trusts is essential when developing a comprehensive estate and long-term care plan.

This type of sophisticated beneficiary planning will help you achieve your objectives with the future distribution of your estate.

by Olivia Wann

Scammers are increasingly impersonating celebrities online to manipulate and financially exploit elderly people. These celebrity romance scams combine emotional manipulation, identity theft, and financial fraud. Is your loved one at risk? The consequences can be devastating, wiping out the person’s life savings and risking their home.

by Olivia Wann

Thirty-four percent of dentist owners plan to retire within six years according to Dental Post’s 2025 Dental Salary Survey Report. If you are interested in selling a practice or buying a practice, there are important legal considerations. Selecting a lawyer who understands the many facets of dentistry to prepare or review a buy-sell agreement is to the dentist’s advantage.  Here’s my top ten reasons why:

by Olivia Wann

Caring for aged parents can present a number of challenges including juggling tasks amid time constraints and the heavy emotional toll of someone approaches the end of their journey. This is particularly challenging when one’s parents live far away.  The number one goal is that the aged parent is taken care of, and their needs are fully met.  Should you consider assisted living, nursing home care or hospice care for your loved one? Just what is the difference?

By Olivia Wann

Introduction:

This article examines the benefits and legal framework for establishing a pet trust under Tennessee law. Pet trusts provide a legally recognized mechanism for ensuring the continued care of beloved animals after their owner’s death or incapacity. Tennessee’s comprehensive statutory framework offers pet owners significant advantages and protections when establishing these specialized trusts.

by Gracie Hogue

Being a caregiver can be utterly daunting. This role requires you to constantly be thinking of the other person and trying to stay one step ahead of the next need, possibility of accident, or a potential incident. Caretaking taxes a person in every respect: physically, emotionally, mentally, and spiritually. So it is extremely important to take steps toward avoiding burnout.

Here are seven ways to relieve or avoid caregiver burnout.

by Olivia Wann

A life estate deed is a form of estate planning in Tennessee.  An attorney would prepare a quit claim deed to transfer your real estate to your children and you retain a life estate. This means that you, as the life tenant, retain the right to live on the property until your death. You pay the taxes, the insurance and the maintenance. If you rent the property, you keep the proceeds.

On death, the real estate automatically transfers to the remainder interest holder, in this case your children without probate.

What are the pros of a life estate deed?

by Olivia Wann

Perhaps you know an elder orphan.  The term elder orphan describes senior individuals living alone with little to no support system.[1] Maybe I’m a future “elder orphan” having not had children. This message resonates with my heart because I serve a population of elderly clients locally who are basically elder orphans, whether they have children or not.

By Olivia Wann

First let’s establish the difference between IRS rules and Medicaid eligibility rules.

The IRS sets limits on the amount you can give to another person without having to pay tax. In the year 2025, the annual gift tax exclusion is $19,000 per person or entity. This means you can give up to $19,000[1] to a person without paying a gift tax. Note that gift tax rates range from 18% – 40% and the donor—you—would pay the tax.

by Olivia Wann, JD

As discussed in prior videos, Medicare only pays a maximum of 100 days for nursing home care costs. The remainder of long-term care would be an out-of-pocket expense or covered by Medicaid if you qualify.  The state’s Medicaid program would seek reimbursement for funds paid for long term care meaning your home could be recovered by the state to satisfy any monies owed for your nursing home stay. The state can force a sale through a public auction.