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When an irrevocable trust is established is there a time limit of years the trust can be kept?
Wiki User
∙ 9y ago
The timeline of an irrevocable trust depends on the way that it is structured. It could be terminated when the creator dies or it could last forever.
Wiki User
∙ 9y ago
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After an irrevocable trust has been established and the grantee goes into a nursing home can the nursing home take those assets in the trust?
The nursing home can only take it if it has been less than 5 years since the Trust was established.
Can Medicare or Medicaid pierce an irrevocable trust?
It depends on how the trust is drafted. A properly drafted irrevocable trust, in Florida, will be invisible to Medicaid (Medicare doesn't factor assets into whether or not one is qualified the way Medicaid does). However, transfers of assets into the trust must be done 5 years before applying to medicaid or medicaid will assess a transfer penalty (this is referred to as the "five year lookback"). The transfer penalty is a period of ineligibility for certain medicaid benefits depending on the size of the transfer. As a result, irrevocable trust planning would not be appropriate for all Medicaid planning scenarios.
How do you execute an irrevocable trust?
Trust law is one of the most complex areas of law. Professionals spend years learning about trust law and must keep up to date with changes in the laws that come forth every year. A trust expert must also be an expert in tax law and estate planning. You need to consult with an expert if you are contemplating an irrevocable trust. The attorney can review your situation and explain the costs and your options.
When was The Wellcome Trust established?
The Wellcome Trust was established in 1963. It was established by Sir Henry Welcome, who was considered one of the most fascinating men of all time. It has inspired many to follow along with the Wellcome Trust which has been running strong for 75 years.
If an irrevocable trust has been funded by life insurance dividends how can the beneficiaries after ten years or so agree to dissolve the trust and take the funds If yes how is that done?
You need to look to the language of the trust to determine how it can be terminated. Review the trust document. If there is no provision for voluntary termination then you may need to get a judicial order to terminate it.
Can a Irrevocable Living trust be created without using an Attorney?
Trust law is one of the most complex areas of law. A trust attorney needs to be an expert in state and federal tax law. Trusts drafted in one state may not be valid in another state for the purposes of the trustor. Errors made by attorneys and accountants who are not familiar with trust law are common and costly to correct. Unfortunately those errors are often discovered years later when the attorney or accountant is no longer in practice. In many cases the corrections must be made by a judge so legal costs are involved. The drafting of a trust, especially an irrevocable trust, by a non-professional is a recipe for disaster. By its nature, an irrevocable trust cannot be undone by the trustor, the trustor cannot have any control over the property whatsoever and if you are the one asking this question you have no knowledge of trust law. You need to consult with an attorney in your area who is an expert in trust law.
Is an irrevocable trust a safe way to protect funds from being gobbled up by medicare?
I think you mean medicaid. Medicare is the program for which seniors (and some others) are eligible. Medicaid is the program for those of limited means. The iirevocable trust works if the patient is not a beneficiary of the trust and conveyed his / her assets to the trust at least five years ago. If the conveyance was within five years, then the trust assets will be counted as the patient's assets for purposes of qualifying for medicaid.
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