Estate planning question

[ilikegunspdx]

One thing about trusts is timing of when you do the trust. If it's an elder in the last years who plans to use medicaid in the next five years the trust will prevent that most likely due to 5 year look back period. If younger or not planning to use medicaid it's not an issue.

 

[CLT65]

Interesting info and good discussion. It's sad how many families are torn apart by stuff like this.

One thing I might add, just from a practical perspective, not a legal one, is communication about the legal plans. That communication might help minimize family rifts, especially if someone is left out.

The in-laws are going through this right now. MIL passed away, and FIL remarried quite late in life. Despite their verbal agreement when they married, that his assets would go to his kids, and hers would go to hers, new wife now insists that his house and land must be hers alone if he precedes her. He's sticking to his guns, but she's holding out too because he foolishly added her to the deed several years ago. I told my wife to prepare for the likelihood of inheriting nothing, because greedy stepmom is his wife; she's going to nag him until she gets her way, and everything will eventually go to her daughters.