Estate Law
Estate law questions? Ask an estate lawyer.
Connect one-on-one with {0} who will answer your question
Answered in 6 hours by:
8/16/2009
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 8,033
Experience: 30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
VerifiedGood morning Robert. Sorry to hear about your Mothr's health problems. First, without reading the trust instrument entirely, I can only give you basic information which generally answer your questions.
1. Generally, what the trustee can do with trust assets is specified in the trust itself. If the trust gives the power to the trustees to sell the home, they can do so and put the cash into the trust. If the trust is a revocable trust, Mom will still get the benefit of the $250,000 capital gains exclusion, so unless the home selles for more than $290,000 ($250,000 + $40,000 mortgae balance) there shouldn't be any adverse tax consequences.
2. If the trust asset is all cash, and it is a revocable trust, then that money will be considered her money for determination of eligibility for Medicaid, if that is a concern.
3. A lot depends on whether the trust is revocable or irrevocable by your Mom, and what the trust terms are regarding the use of money for her health, and support. Here is a chart that you can go to on line for more detail on this than I can give you here.
http://www.uiowa.edu/~sfklaw/Medicaid%20trust%20table.htm
4. Assuming that the trust instrument contains all the necessary powers for the trustee to sell the home and use the money for Mom's support, there is no need to go to Court to get permission to do so. That would defeat one of the main purposes for having a trust in the first place.
I hope this puts you on the right track.
Please click on the Green ACCEPT so I receive credit for helping you. Bonuses are a nice way to say THANKS for a fast and direct answer. Positive feedback is also greatly appreciated. Please be sure to ask for me if you have any follow up questions.
No client/attorney relationship is intended or created by this communication.
1. Generally, what the trustee can do with trust assets is specified in the trust itself. If the trust gives the power to the trustees to sell the home, they can do so and put the cash into the trust. If the trust is a revocable trust, Mom will still get the benefit of the $250,000 capital gains exclusion, so unless the home selles for more than $290,000 ($250,000 + $40,000 mortgae balance) there shouldn't be any adverse tax consequences.
2. If the trust asset is all cash, and it is a revocable trust, then that money will be considered her money for determination of eligibility for Medicaid, if that is a concern.
3. A lot depends on whether the trust is revocable or irrevocable by your Mom, and what the trust terms are regarding the use of money for her health, and support. Here is a chart that you can go to on line for more detail on this than I can give you here.
http://www.uiowa.edu/~sfklaw/Medicaid%20trust%20table.htm
4. Assuming that the trust instrument contains all the necessary powers for the trustee to sell the home and use the money for Mom's support, there is no need to go to Court to get permission to do so. That would defeat one of the main purposes for having a trust in the first place.
I hope this puts you on the right track.
Please click on the Green ACCEPT so I receive credit for helping you. Bonuses are a nice way to say THANKS for a fast and direct answer. Positive feedback is also greatly appreciated. Please be sure to ask for me if you have any follow up questions.
No client/attorney relationship is intended or created by this communication.
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 8,033
Experience: 30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
VerifiedIrwin Law and 87 other Estate Law Specialists are ready to help you
<p>Hello again Robert. That clears things up. You don't have a living trust. What your Mom did in 2004 was make a gift of the property to the grantees, subject to a life estate which she retained for herself. The life estate gives her the sole right to live in the home during her lifetime. In order to sell the home, Mom has to sign the deed in order to convey her life interest. Check with your attorney to see if your sister can use her power of attorney to sign for you mother under these circumstances. It will depend on whether a title insurance company will insure your buyer. There is a five year "look back" now under medicaid, but that time period passed last January for Mom's transfer. The nursing home itself has no rights in the property or any proceeds from the sale. Unfortunately, you may have lost the $250,000 exemption from capital gains tax. You should consult a CPA on that point to see if there is any way that can be revived. I don't know of any, but tax isn't my specialty. </p><p> </p><p> </p><p>Please click on the Green ACCEPT so I receive credit for helping you. Bonuses are a nice way to say THANKS for a fast and direct answer. Positive feedback is also greatly appreciated. Please be sure to ask for me if you have any follow up questions. <br /><br />No client/attorney relationship is intended or created by this communication.</p><p> </p><p> </p>
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 8,033
Experience: 30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
VerifiedIrwin Law and 87 other Estate Law Specialists are ready to help you
How JustAnswer works
Describe your issueThe assistant will guide you
Chat 1:1 with an estate lawyerLicensed Experts are available 24/7
100% satisfaction guaranteeGet all the answers you need
Related Estate Law Questions
My mom created a Last Will and Testament. It says that I and
My mom created a Last Will and Testament. It says that I and my youngest brother are Co-Personal Representatives of her estate (She owns one house). She left the house in all four of her kids names. T… read more
Jeffrey Gaffney
Attorney
Doctoral Degree
351 satisfied customers
I was looking for the cost of asking a question. My sister
My sister is the trustee of my mother, who passed in May of this year. I have never been told about the trust, since 2004, and only found out when looking for papers at the Courhouse. My mother had a sizable estate and I am an equal beneficiary. How do I find out how much money was spent, how, etc. She also transferred mom's home into her and her husbands name, and for some reason I learned that mom's name is ***** ***** they purchased in 2009. None of the property says the trust name on it although it was part of the trust. … read more
LegalGems
Juris Doctorate
20,547 satisfied customers
Well I will try to be precise, brief and to the point. There
Well I will try to be precise, brief and to the point. There is so much going on or has been going on with my situation and concerns, however Friday at 1:19 am my sister who was successor trustee to t… read more
Robert L
Deputy General Counsel
Juris Doctor
1,950 satisfied customers
- I called a couple of other elder care attorneys and
For Christopher B - I called a couple of other elder care attorneys and they apparently do provide a list of possible trustees plus explain general tax and estate consequences - but of course we alrea… read more
Christopher B, Esq.
Attorney
Juris Doctor
7,702 satisfied customers
My Aunt is 95 and lives in Hawaii where she set up a trust
My Aunt is 95 and lives in Hawaii where she set up a trust with her companion. Her companion dies and my Aunt now has Alzheimer's disease and the successor trustee, their former lawyer has declined to… read more
Attyadvisor
Doctoral Degree
11,018 satisfied customers
I am the Executor and Survivor Trustee for my deceased brother.
I am the Executor and Survivor Trustee for my deceased brother. He lived in NJ. So do I live in NJ. He had $675,000 of his assets put into a deferred trust account when his wife died in 2009. The majo… read more
Ely
Counselor at Law
Juris Doctor
1,867 satisfied customers
My father set up a standard revocable trust for my home. He
My father set up a standard revocable trust for my home. He died and the trustee tells me now I have to buy it or it gets sold per the attorney. Can she really do that? Help!… read more
Jack R.
Partner
Juris Doctor
6,136 satisfied customers
My husband and I purchased a Commercial property approx. 10
My husband and I purchased a Commercial property approx. 10 years ago and named my Mother as the Trustee, my husband & I have always been the beneficiaries and owners/proprietors. I am concerned now a… read more
LegalGems
Juris Doctorate
20,547 satisfied customers
My husband and I purchased a property 10 years ago and we named
My husband and I purchased a property 10 years ago and we named my mother as the trustee, we have always been the beneficiaries. My Mom has since been diagnosed with Alzheimers and is in the final sta… read more
INFOLAWYER
Partner
Doctoral Degree
72,500 satisfied customers
My parents have a revoable living trust of which there is 29
My parents have a revoable living trust of which there is 29 acres a homestead and a few pieces of machinery. Mom is in the nursing home has been for about year and half. Dad recently had a heart atta… read more
Daniel P.
Managing Attorney
Juris Doctor
2,741 satisfied customers
State of Massachusetts: My parents established an irrevokeable
State of Massachusetts: My parents established an irrevokeable trust with me as the trustee to protect their assets if my dad had to be put into a home (he has alzheimers), AND to provide my sister wi… read more
Law Educator, Esq.
136,782 satisfied customers
My Mom has both a revocable trust and a irrevocable trust.
My Mom has both a revocable trust and a irrevocable trust. The irrevocable trust is well over 5 years old and thus protects the assets. She is 95 1/2. She has suffered cardiac heart failure and a stro… read more
Law Educator, Esq.
136,782 satisfied customers
My Mom was diagnosed with being in the beginning stages of
My Mom was diagnosed with being in the beginning stages of Alzheimer's one year ago. She currently lives alone in NJ, but I am trying to convince her to move into a Continuing Care facility in PA near… read more
lwpat
Doctoral Degree
6,615 satisfied customers
My mother has alzheimers and is in Guardianship with state
My mother has alzheimers and is in Guardianship with state of MD. Dad died without a will in Jan 2010. All assets transferred to my mother and is going to Nursing Home. Is there any way my sister and … read more
Isaac, Esq.
Attorney at Law
Doctoral Degree
42,160 satisfied customers
My father & mother set up a Revokable Living Trust in 1997
My father & mother set up a Revokable Living Trust in 1997 in the state of MS protecting their assets for their four children. My Mom passed in 2007. My Dad is still living but has documented dementia… read more
Daniel P.
Managing Attorney
Juris Doctor
2,741 satisfied customers
diffrence between revokable and non revokable trusts
Hi my name isXXXXX needed to find out about a living trust. My dad passed away in Feb. and As I was looking through the trust it says it is revokable. Does this mean it wasn't set up correctely? He wa… read more
Legal Eagle
Attorney
Doctoral Degree
538 satisfied customers
Hello, My sister (successor trustee/beneficiary) and myself
Hello, My sister (successor trustee/beneficiary) and myself (co trustee/beneficiary) are part of a Revocable Living Trust since my parents died in 1996 and 2008. My sister (Chris) has lived in the fam… read more
legallysound
Attorney
Doctoral Degree
1,324 satisfied customers
My mother in good health (father had already passed), drew
My mother in good health (father had already passed), drew up a living will, making my sister and I the two trustees and beneficiaries. A few years later, my sister came into financial difficulties an… read more
socrateaser
36,603 satisfied customers
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).
JustAnswer in the News:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.
Illinois
Thanks Adam!! - A very direct and understandable response - you have been a great help!
Ellicott City, MD
Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!
Edmond, OK
My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.
Redwood City, CA
I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.
Wichita, KS
PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.
Houston, TX
Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!
Atlanta, GA
< Previous | Next >
Meet the Experts:
Thomas McJD
Attorney
3,170 satisfied customers
Wills, Trusts, Probate & other Estate Matters
Barrister
Attorney
6,741 satisfied customers
19 yrs estate law, real estate. Wills/Trusts/Probate
RayAnswers
Attorney
6,613 satisfied customers
Texas lawyer for 30 years in Estate law
Ely
Counselor at Law
1,867 satisfied customers
Fully licensed attorney in Texas in private practice.
RobertJDFL
Attorney
1,618 satisfied customers
Experienced in multiple areas of the law.
P. Simmons
Attorney
1,335 satisfied customers
12+ yrs. of experience including estate law.
ScottyMacEsq
Attorney
1,334 satisfied customers
Licensed Texas General Practice Attorney
< Previous | Next >
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).
