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If we know income/property is going to be disclaimed by a

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beneficiary, how long is a...
If we know income/property is going to be disclaimed by a beneficiary, how long is a trustee suppose to hold on to income/property until a written disclaimer is received. Do we need to notify that beneficiary that their inheritence has been disbursed to
other family members? I've noticed there are "living trusts" and "family trusts" - one is done while the person is still alive and the other is after the person is deceased. Is that the only difference? Does the "family trust" shelter inheritance from creditors
and inheritance taxes? Is a family trust something that the executor sets up with the bank or does an attorney need to be hired? If a "family trust" is setup by a spouse can the income/property be distributed as the spouse desires? My husband will have annuities
that will pay for his stay at a nursing home. I am more interested in sheltering assets in the event he predeceases me and I am in need of a nursing home. Hope I haven't confused you.
Submitted: 2 years ago.Category: Legal
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11/21/2015
Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Law Educator, Esq.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Actually, you do not have to "hold onto" the property at all. Once probate is completed, if the beneficiary does not disavow the inheritance by that time, they become the owner or one of the owners and if they want to get rid of the property then, they would have to gift it to someone or sell it. They must give a written disavowal of the inheritance that has to be filed in the probate court.
A trust can be done while someone is alive or a trust can be created in a will upon death of a grantor, it is preference. Only the irrevocable trust protects the assets and shelters the beneficiaries and grantors.
There are no "inheritance taxes" but there could be estate taxes on any estate over about $5.5 million.
The irrevocable trust would not be counted in any need for long term care if he needs medicaid or if he dies first and you need medicaid.
IF you are worried about sheltering assets for that reason, then only the irrevocable trust would be the best way to protect those assets for not only medicaid, but also for any creditors trying to get your assets.
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