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Is a revocable trust a good idea in a reverse mortgage

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Is a revocable trust a good idea in a reverse mortgage ?
Submitted: 8 years ago.Category: Legal
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Answered in 6 hours by:
2/1/2009
Lawyer: CALawyer, Lawyer (JD) replied 8 years ago
CALawyer
CALawyer, Lawyer (JD)
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Experience: Graduated Magna Cum Laude (Law School), Graduated Undergraduate at 19 Years of Age.
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A revocable living trust woudn't really provide a benefit because the assets or a revocable trust are considered the settlor's assets for collection purposes. The reason is that, by definition, he can revoke the trust and reach the assets.

However, an irrevocable living trust (of which there are many different forms, it sounds like potentially a Special Needs Trust or IDIT would be appropriate in this circumstance) could be used to pay for the living expenses and help protect against creditor's claims. These irrevocable trusts can be pretty complex with regard to transfer, taxation, and medi-care planning, so it is highly recommended that you hire a qualified estate planning attorney to prepare the trust and assist with the transfers.



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CALawyer
CALawyer, Lawyer (JD)
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Customer reply replied 8 years ago
The reverse mortgage does not allow a irrevocable trust, so I guess we should just go ahead with the reverse mortgage, since my dadneeds to get the credit card bills paid off and secure some extra income to live on and pay property taxes....i was wondering though, if bankruptcy might be considered first , and if it were, would that force the sale of the house or eliminate the possibility of a reverse mortgage?
Lawyer: CALawyer, Lawyer (JD) replied 8 years ago
How much is the house worth?

Are there any loans on the house?

How long does the father plan on living in the house?
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CALawyer
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