Trusts
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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Question: My mother has a trust that is supposed to protect her assets in case she needs Medicaid in the future. How do assets get into a trust, I am confused. Answer: In order for an asset to be owned by a trust, there must be a transfer. The five year look back for Medicaid […]
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A first party supplemental needs trust is established with the disabled beneficiary’s own funds, usually from a lawsuit settlement or inheritance, to avoid becoming ineligible for a needs-based government benefit. Such a trust, also called a special needs trusts, can hold excess countable income and assets for anyone under 65 years old. The first party […]
Read MoreNew York EPTL § 10-6.6(b) allows a trustee to change the terms of an irrevocable trust by “pouring” or “decanting” into a new trust without court approval.
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Our elder law specific estate planning sometimes involves both a revocable and irrevocable medicaid asset protection trust to provide flexibility for the unknown future. One issue that comes up is when a client enters an assisted living facility is which trust can help pay the costs of the facility. To illustrate: Six years ago we […]
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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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