Transferring Your Home to a Revocable Living Trust
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- Attorney Abigail Poole discusses Transferring Your Home to a Revocable Living Trust. Please watch and if you have any questions or want to learn more please call us at 781 461-1020.
Medicaid and Nursing Homes have a 5 year look back policy for what they call asset recovery. They can put a lean on your home for reimbursement of payments for your long term care and health expenses even if you transfer the title to someone else, (like a family member), or put your home in a revocable trust.
Placing your home in a trust at least 6 years Before the need for Nursing Home placement can help to prevent such leans.
Setting up an Irrevocable Trust Fund for nursing home and long term care can also help prevent having a Government or nursing home lean on your house.
Thanks for the insight! Too many people are blind sided by the Medicaid look back period we really appreciate you getting the word out.
Excellent advice and video, thanks!
Here to support you
Great video and advice.🥰🥰
Be very careful about refinancing. Apparently my mother-in-law did that. The house was pulled out of the trust but never put back in. We didn't find out till about 10 years later. She was still alive but we had to pay the attorney to update the trust and pull the house back in. So just double/triple check. 🙂
Happened to us too
I need to understand this option.
Homeowner insurance when adding "trust" the policy increase?
Seems like a lot of trouble and work solely to avoid probate. Wouldn't that mitigate against it?
Honestly, creating a trust is not that bad or hard. The lawyers do everything. The initial cost will sting. It could cost between $5000 to 10,000. Depending on the complexity. The cost definitely outweighs needing to go to probate. Because that could be a very lengthy process. Even if there’s no family turmoil and maybe you’re single or maybe have a couple siblings. Having everything in the trust is so much easier to liquidate then going to court and proving everything is passed down to you. The trust and a death certificate that’s literally all you need when needing to work with the bank, the town, realtor, etc. We kind of dealt with this when my wife’s brother passed away. He died intestate which means no will or trust, but his assets were below $186,000 (which is the limit in our state before you have to go to probate). It was so much easier closing his bank accounts re-registering his car. No court involved at all
Simple to get done in the end you will be grateful
Ok, but why would I need that? Not explained.
8f it's not a "Private Express Trust created under the common law and within a foreign jurisdiction" I'm not interested. Any "Trust formed under or within the jurisdiction of the statutory policies of the [District of Columbia] is still subject to legislative enactments. See Blacks Law Dictionary 4th edition.
I am interested in the private express trust can you direct me to who can help me set up one please