A Medicaid Qualified Trust has many names
A Medicaid Asset Protection Trust (MAPT) can have many names, including “Irrevocable Income Only Trust,” “Asset Protection Trust,” and “Medicaid Qualifying Trust.”1 I don’t think “Irrevocable Income Only Trust” should be universally adopted because it applies to only one permissible variation of this trust – one in which the grantor retains the right to the trust’s income.
See Melissa Negrin-Wiener & Marcus O’toole-Gelo, Adapting Asset Protection Trusts to Changes in Circumstances, NYLJ, Jan. 25, 2021 (“An Irrevocable Trust used for asset protection may have a different name depending on who you ask (Irrevocable Income Only Trust, Asset Protection Trust, Medicaid Qualifying Trust, etc.), but its primary purpose remains the same.”). ↩