The Irrevocable Living Trust does not allow the grantor any power to revoke or amend the trust. The major advantage of the properly drafted Irrevocable Living Trust that takes the Medicaid laws into account is that such a trust removes one's assets from consideration when calculating your eligibility for Medicaid. Another of the advantages of both revocable and irrevocable trusts is that it is a private document. This is in contrast to a person's Last Will and Testament which becomes a public document that can be read by others once it is filed in the court house. A further advantage of both revocable and irrevocable trusts is that they avoid probate.
Probate is expensive and it delays the actual passing of property.
Finally, while a person's Last Will and Testament is subject to challenge by any beneficiary, both revocable and irrevocable trusts are not subject to such a challenge. This trust also named John Smith as the sole trustee. This would mean that the income in the trust would be used for the benefit of Mr. and Mrs. Robert Smith during the lifetimes of both Mr. and Mrs. Robert Smith. If either Mr. or Mrs. Robert Smith entered a nursing home, the Medicaid department would not consider the assets of the trust to be owned by them. The trust could stipulate that upon the death of Mr. and Mrs. Robert Smith that the assets should go to their two children.