An Asset Protection Trust is an irrevocable trust. It is also a legal document that you create that separates ownership from control. But it is very different from a revocable trust. When you create this kind of trust, you generally name someone else as a trustee besides yourself. You cannot change anything about the trust. If you want to cancel or modify the trust, you usually need court permission and the approval of all beneficiaries. Assets placed in an irrevocable trust are removed from your control, and you can no longer spend or use them. This is a good choice for Medicaid planning. Any assets moved into the trust are no longer considered part of the five-year look back and may not be counted against Medicaid or Social Security eligibility requirements. In certain circumstances, establishing irrevocable trusts may also reduce tax liabilities. This kind of trust is designed to hold the grantor’s assets for the grantor to qualify for Medicaid benefits after the 5-year lookback period has expired.