Can I Convert a Revocable Trust to an Irrevocable Trust When I Apply for Medicaid?
I recently had my living trust updated after 20 years. Now I regret that I didn't conve...
Read moreTo start off, you need to check with a local elder law attorney to be certain of the answers because different states interpret the rules differently and it is important to see the actual wording of the trust. That said, here are the probable answers: (1) The trust can sell the land, but the proceeds of the sale must remain in the trust. (2) If the trustees sell the land for less than its market value they may be violating their fiduciary duty to the trust beneficiaries. But if the beneficiaries approve of the sale, then the trustees could be protected from potential liability. (3) The land could be gifted if the trust permits distributions to the recipients in the proportions anticipated. This should not start a new five-year clock (but this might be the most important issue to confirm with a local elder law attorney). To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.
For more about Medicaid and trusts, click here.
Local Elder Law Attorneys in Your City
I recently had my living trust updated after 20 years. Now I regret that I didn't conve...
Read more
All of my father's assets are in a trust. If he transfers the assets from the trust to a limited liability company (LLC) a...
Read more
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while mee...
Read moreMedicaid Rules, etc