Trusts
As Elder Law Attorneys, we focus on Medicaid planning for our clients in order to have access to long-term care. It is equally as important to ensure that their beneficiaries will have access to government programs and not be disqualified by the fact that they received an inheritance. If you have a disabled child who […]
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What is a Qualified Terminable Interest Property (QTIP) trust and when would I use it? A Qualified Terminable Interest Property trust, commonly known as a QTIP trust for short, is a type of marital trust that offers flexibility in planning for your spouse and remainder beneficiaries upon your death, while also providing estate tax planning […]
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A Revocable Living Trust, also called an intervivos trust, is a trust created during a person’s lifetime and is designed to give the grantor (creator) flexibility and control over his or her assets. With a Revocable Trust, you may act as your own Trustee, thereby maintaining complete control over your assets during your lifetime. With a […]
Read MoreWith tax planning becoming less of an issue for the average client, the focus in estate planning has shifted to asset protection for intended beneficiaries. As attorneys, we often hear our clients tell us that they plan to leave everything equally to their children, but that they are concerned that one (or more than one!) […]
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Many individuals have heard of the trusts used in estate planning, such as an Irrevocable Trust, Income Only Trust, or Medicaid Asset Protection Trust. However, there is a trust not so commonly known, a “Pooled Income Trust” which can be established by Medicaid applicants. The seldom mentioned Pooled Income Trust is almost always a necessary […]
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Many people use irrevocable trusts as part of their estate plan for tax savings, asset protection and Medicaid planning. In all these types of trusts, the Grantor (creator) of the trust is going to be limited to their access of the principal of the trust in order to ensure that their planning needs are met. […]
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Question: I transferred ownership of my house to a Medicaid Qualifying Trust ten years ago. I just put it on the market for sale, where will the proceeds go after sale? Are they protected? Answer: Many clients choose to place their primary residence into a Medicaid Qualifying Trust. Once the trust is drafted and signed […]
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Question: My friend told me that when he dies, his house and brokerage accounts are going to go to his children in trusts. I thought that trusts were only for people with large amounts of money that are trying to avoid taxes. Is this true? What are the benefits of his children receiving assets in […]
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Question: My friend has an irrevocable trust to protect assets in case she needs Medicaid to pay for her long-term care. What are the tax ramifications of this kind of trust? Answer: The typical Medicaid trust is a grantor trust for income tax purposes and is includible in your estate for estate tax purposes. The […]
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A Pooled Income Trust allows a medicaid recipient to capture their income to pay their bills and qualify under the strict Medicaid income guidelines. This allows people to use their income to stay in their home and receive services. With some exceptions, the regulations state that a person receiving home care services through Medicaid can […]
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