Can I Create a Special Needs Trust in My Will to Benefit My Husband?
I am age 74. Can I create a special needs trust in my will to benefit my husband if he ever needs Medicaid assistance to p...
Read moreIf you transfer your home to an irrevocable trust, the trust will be the owner. Doing so may technically violate the terms of the mortgage and home equity loan, making them both immediately payable. However, if you continue making the monthly payments. in all likelihood the bank will be none the wiser. In terms of withdrawing additional funds from the home equity loan, you (or someone you hire) would have to read the fine print to be sure, but again if no one is the wiser, you can probably do so. That said, doing so may undermine the purpose of the trust depending on your purpose for creating it – usually Medicaid, creditor protection or estate tax planning. To argue for these purposes that you no longer own the property but to continue to withdraw equity seems a bit inconsistent.
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I am age 74. Can I create a special needs trust in my will to benefit my husband if he ever needs Medicaid assistance to p...
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I am 58 and retired. If Medicaid has a claim on my property now, is it too late to place my property in an irrevocable tru...
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I live with an 80-year-old man, and I am his full-time caregiver. In 2004, he wrote a will that left the home to me. We li...
Read moreMedicaid Rules, etc