Hello,here some other options and questions
1-what means retain control? in my case what are pros and cons
2-your first answer was technical language which was little hard for me to comprehend,would you please give me examples for my situation.
3-I am on Medicaid and Ebt food stamps,How to preserve these benefits without paying back Medicaid from my house asset as I have read.
4- [ sample question and answer] :Is an irrevocable trust established with my assets free from the claims of my creditors?It depends. Michigan law does not allow for the creation of a so-called asset protection trust, where one transfers his or her own assets into a trust established for his or her own benefit. However, if the grantor (creator) of a trust transfers his or her own assets into an irrevocable trust established for the benefit of someone else, like a spouse or children, then the assets may be maintained free from the claims of the grantor's creditors and the creditors of the trust beneficiaries. Sometimes our clients establish so-called life insurance trusts
, otherwise known as ILITS, which hold a life insurance policy (or policies) on the life of the grantor, and generally maintain these asset-protection benefits for the family, in addition to the benefits that life insurance proceeds are ordinarily received without tax to the recipient and the fact the cash value of the policy may in most instances grow tax-deferred.
Does a trust provide protection from creditors?Under Michigan law, generally "no"; Michigan does not recognize the so-called self-settled asset protection trust. This means to say that placing your own assets into a trust will not protect them from your own creditors. This type of protection is, however, afforded by certain trusts established under the laws of other countries, and certain states of this country (buyer beware as it relates to states that have enacted laws recognizing self-settled asset protection trusts because they have yet to endure significant challenge). All of this said, it is recognized and allowable in Michigan to establish a trust for the benefit of someone else (your children for instance) and protect the assets of that trust from their creditors. This is generally accomplished through what is called a "spendthrift" provision included in a trust document or through the establishing of a purely discretionary trust which provides the trustee's discretion both to distribute assets to a beneficiary and also the discretion not to distribute those assets to the same beneficiary. Asset protection planning should always be approached with a careful legal professional.
I have couple more options but will get to them when needed,in the mean time please answer my questions and please give me your opinion in these options I sent.to see which one fits my situation as well your option