Brian Mahoney

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Brian F. Mahoney is a member of WealthCounsel. In addition to being an estate planning attorney, he has an accounting and tax background. His practice includes Estate Planning, Asset and Liability Protection, Nursing Home Planning, Child Protection Plans and Probate.

Brian Mahoney's Articles

The Advantages of Creating An Irrevocable Income Only Trust

Posted on Tuesday, March 31, 2009 by Brian MahoneyComments (2) The Advantages of Creating An Irrevocable Income Only Trust

An often discussed mechanism in medicaid/nursing home planning is the IIOT, an Irrevocable Income Only Trust. Aside from nursing home issues and look-back periods, we need to first ask about financing issues. Consider whether the Trustee might ever need to obtain financing on the realty, perhaps for a new burner or roof. Most Lenders will not mortgage realty owned by any Irrevocable Trust. Would deeding realty into an IIOT make a pre-existing mortgage ...Read More »