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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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Can I have a revocable and an irrevocablemtrust for my son

Resolved Question:

Can I have a revocable and an irrevocablemtrust for my son with special needs.

If I create a revocable trust, how much money can input in it for him?
Submitted: 1 year ago.
Category: Estate Law
Expert:  John Elder replied 1 year ago.
Welcome! Thank you for your question.

If you create a revocable trust you can place as much money in that trust as you choose. Your transfers to a revocable trust all always returnable and fully subject to your creditors so the IRS does not recognize a gift occurred.

If your transfer the assets to an irrevocable trust for his benefit then you can give up to 5.125 million dollars to the trust tax free. Once the assets are transfered to his trust it is later protected from your creditors. Careful, because this type of transfer will subject you to a 5 year Medicaid ineligibility should you need nursing care in the future. With that said, after the 5 years has passed the assets are outside your name and not subject to paying for the care.

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

Please show your appreciation for my candid, accurate information by clicking VERY INFORMATIVE, OR the OR and positive feedback. You should only rate me if you are satisfied with the information I provided you. If you cannot rate me GREAT please do not rate. Give me a chance to make it right by clicking REPLY TO EXPERT.

I appreciate your question and repeat customers. You can request me by beginning your question with "Dear XXXXX..."

Thank you,

John

Customer: replied 1 year ago.
Thank you. Just one clarification...would the five year rule apply even if the assets in that irrevocable trust were used up in two to three years by nursing care?
Expert:  John Elder replied 1 year ago.
No, if all the assets are transferred back to you for your care then the penalty would go away.

Great question.

John
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience: Over 14 years experience in Medicaid, Estates, Trust.
John Elder and 4 other Estate Law Specialists are ready to help you
Customer: replied 1 year ago.
OK just one more question, and then you get an excellent for your excellent help, assuming you are a real person.

For tax purposes is it better to have my life insurance policies be in an irrevocable trust or just keep them in my name , with proceeds going to specialneeds trust which will automatically be created on my death.

Thank you. Really last question.
Expert:  John Elder replied 1 year ago.
I am a very real person. I have over 13 years experience in Elder and Special Needs Law.

If you are relatively healthy you should consider the trust owning the policies. This will remove the risk that the cash value in those policies would be countable assets and your would have to cash them in if you needed nursing home care. As these questions get much more detailed you should sit down with an elder law attorney in your area and get a good assessment of your situation and options. The only way to fully flesh out solutions is to have a full, in person consultation.

I am always here with some basic questions as you have them. You can get me by starting your question with "dear XXXXX."

John

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John Elder
John Elder
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Over 14 years experience in Medicaid, Estates, Trust.