A living trust that protects the assets of an individual from being sold to pay for healthcare so that they can later be inherited by the beneficiary(ies) of the trust. Although the assets are somewhat restricted under the trust, the grantor retains the right to use the assets and generate income as he/she deems fit.
Related information about irrevocable income-only trust (IIOT):
- Irrevocable Income-Only Trust (IIOT) Definition | Investopedia
A type of living trust often used for Medicaid planning. It protects assets from being sold to pay for nursing home and other long-term care expenses, so that the ...
- What is irrevocable income-only trust (IIOT)? definition and meaning
Definition of irrevocable income-only trust (IIOT): A living trust that protects the assets of an individual from being sold to pay for healthcare so that they can later ...
- What You Should Know About Income Only Trusts - ALI CLE
transferring assets to an irrevocable income only trust (IIOT). 2. An IIOT is an irrevocable trust that can pay income only to the grantor. It cannot pay principal to ...
- Elder Law Center
The benefits of transferring your home into an Irrevocable Income Only Trust (IIOT ) is that it will avoid probate, give your children a step-up in basis (allows them ...
- Irrevocable Income Only Trusts - GeriLaw - Typepad
Dec 5, 2008... long-term care assistance, transferring assets into an Irrevocable Income Only Trust (“IIOT”, “trust”) is becoming increasingly popular.
- Use an Irrevocable Income Trust To Protect Your Assets from Medicaid
Sep 13, 2012 ... Setting up an Irrevocable Income Only Trust (IIOT) is part of this planning. *What is an IIOT? An 'irrevocable income only trust' holds your assets ...
- Irrevocable Income Only Trusts
Dec 5, 2008... long-term care assistance, transferring assets into an Irrevocable Income Only Trust (“IIOT”, “trust”) is becoming increasingly popular.
- Irrevocable Trusts - Attorney Melissa R. Victor, Raynham
Mar 14, 2009 ... The advantages of creating an Irrevocable Income Only Trust (IIOT) are as follows: The assets in the trust will be protected from the nursing ...