Topic: Revocable Trust
Frequently Asked Questions and Answers Regarding Home Property
Revocable trust: means a trust in which the grantor has retained the right to terminate or revoke the trust and reclaim the trust principal and income. Unless a trust is specifically made irrevocable, it is revocable. Even an irrevocable trust is revocable upon the written consent of all living persons with an interest in the […]
Irrevocable trust – means a trust in which the grantor has expressly not retained the right to terminate or revoke the trust and reclaim the trust principal and income. Policy regarding this term is located at: SoonerCare (Medicaid): 317:35-5-41.2. Miscellaneous Personal property; 317:35-5-41.6. Trust accounts; 317:35-5-41.7. Retirement funds; and 317:35-5-41.8. Eligibility regarding long-term care services. […]