Ask Todd: When Do You Really Need a Trust?

Todd Lutsky explains how estate planning evolves through different stages of life — from simple beneficiary designations when you’re single, to revocable trusts for families with young children, to irrevocable trusts for nursing home planning later in life. He outlines why age, family dynamics, and asset levels all influence whether basic documents are enough or a more sophisticated plan is necessary.Todd also answers listener questions on Medicaid’s five-year lookback rule, the difference between IRS gifting limits and Medicaid transfer rules, owning out-of-state property to reduce Massachusetts estate taxes, and when it may (or may not) make sense to disclaim an inheritance.