What is the downside of a revocable living trust?
A revocable living trust has notable limitations, the primary disadvantage being that it does not provide asset protection from creditors, legal judgments, or lawsuits during the grantor's lifetime because the creator retains complete control over the trust property. Establishing and funding a living trust involves upfront legal expenses and administrative effort, as real estate, bank accounts, and investments must be formally re-titled into the name of the trust to avoid probate effectively. Furthermore, unlike a simple will, a trust does not shield assets from federal estate taxes or nursing home Medicaid spend-down rules.
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This depends on the type of trust. Assets in a revocable trust are not protected from nursing home expenses because you retain control over them [1.1.1].
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