When most people hear the word trust, they either think it’s something only wealthy families need—or they assume it’s too complicated to be worth the trouble. But if you want to make sure your loved ones are taken care of and your wishes are honored without court interference, understanding trusts isn’t just smart—it’s essential. As U.S. Bank explains, different types of trusts serve different purposes—whether it's avoiding probate, protecting assets from long-term care costs, or supporting a loved one with special needs (U.S. Bank Wealth Management).
At Vick Law, we’ve sat across the table from countless families who had the same questions:
“What kind of trust do I need?”
“Is a will enough?”
“How do I protect my home from nursing home costs?”
Here’s the truth: trusts aren’t one-size-fits-all. The right one depends on your goals, your assets, and your family’s needs. Let’s walk through the most common types of trusts—without the legal jargon.
1. Revocable Living Trust
A flexible plan that grows with you.
This is one of the most popular trusts for a reason. A revocable living trust allows you to stay in full control of your assets during your lifetime, then seamlessly transfer them to your chosen beneficiaries after you pass—without probate. You can update or revoke it anytime while you’re alive.
Good for you if:
- You want to avoid probate court
- You own property in more than one state
- You’d like to keep your affairs private
- You want a backup plan if you become incapacitated
2. Irrevocable Trust
Locks things down for asset protection.
Unlike a revocable trust, this one can’t be changed easily after it’s set up. But that’s what makes it powerful—because the assets you place in an irrevocable trust are no longer legally “yours,” they can be protected from creditors, lawsuits, or long-term care costs in the right circumstances.
Good for you if:
- You want to protect assets from nursing home spend-downs
- You’re concerned about future lawsuits or creditor claims
- You’re doing advanced tax or Medicaid planning
3. Special Needs Trust
Peace of mind for parents and caregivers.
If you have a child or loved one with a disability who receives government benefits, leaving them money directly (even in a will) could disqualify them from that support. A special needs trust allows you to provide for their care without disrupting their eligibility.
Good for you if:
- You have a child or family member receiving SSI, Medicaid, or similar benefits
- You want to provide long-term financial support
- You want to name a trusted person to manage funds on their behalf
4. Medicaid Asset Protection Trust (MAPT)
Plan now, save later.
This is a type of irrevocable trust designed specifically to shield assets—like your home—from being counted when applying for Medicaid to cover nursing home care. But timing matters. In Indiana and many other states, the “look-back” period is five years, so planning ahead is critical.
Good for you if:
- You’re concerned about long-term care costs
- You want to protect your house for your children
- You’re healthy now but thinking ahead
What’s Right for You?
Every family’s situation is different. That’s why we don’t use cookie-cutter documents. At Vick Law, we take time to understand your goals, your worries, and your values—then build a plan that actually fits.
If you’re not sure where to start, that’s okay. Most people aren’t until they sit down with someone who can explain it clearly. We’re here to help you make confident decisions for your future.
Need help figuring out the right trust for your family?
Call our office in Greenwood, Indiana or click HERE to schedule a consultation. We’ll talk through your options in plain language—and help you protect what matters most.
📞 (317)884-3133
References: U.S. Bank Wealth Management. “Types of Trusts: Which One Is Right for You?” U.S. Bank.
https://www.usbank.com/wealth-management/financial-perspectives/trust-and-estate-planning/types-of-trusts-which-should-i-choose.html
