Ok, lots of scenarios out there. I only have one beneficiary so no worries about family issues. My question is there a way to protect your assets if you have to eventually go to a nursing home for care and do not qualify for Medicaide. With the rising costs of care, the cost could easily go through your assests and then some. Take your home and anything of value. Can you just gift your assests away to your beneficiary. Not sure if theres a look back in play. My estate consist of two homes and a portfolio.
You need to see an attorney who specializes in estate planning in YOUR state. There is always a look back period when you outright transfer assets to a beneficiary.
I have one. I'm in the construction and rehab businesses so for me it makes sense since it's so litigious. The one I have is for that company. I use revocable on everything else.
Recently a friend of mine passed away..he left his house to his son's in a irrevocable trust..which was his way of keeping his house from ending up in one of the many bimbos he had hanging around..but unfortunately he had a code compliance issue with the city and ignored it for many years;no worries for him they could not take his house(because of the irrevocable trust)however when he died and his house went to his son's so did the code compliance fines which had gone from a few thousand dollars to approx.fifty thousand dollars and needed to be paid in full or the city is gonna take the house..so in this case-not a good idea for his son's sake ..
You are inaccurate and doing a disservice to the middle class in about 80% of what you said about irrevocable trusts as they relate to us normal people. I would tear your Rupert Murdoch example up and show you how a Middle Class Asset Protection (MCAP) Trust serves people in a more protective and controlled way compared to your LLC with RLT method which gives superficial asset protection easily pierced in court. I'd love to have a live discussion with you.
I see the advantages of the Revocable Living Trust, but what if your primary objective is to protect an asset from a nursing home?
Your videos and your dads books really help to understand this kind of information. Thanks!
No problem! We’re happy to help.
Ok, lots of scenarios out there. I only have one beneficiary so no worries about family issues. My question is there a way to protect your assets if you have to eventually go to a nursing home for care and do not qualify for Medicaide. With the rising costs of care, the cost could easily go through your assests and then some. Take your home and anything of value. Can you just gift your assests away to your beneficiary. Not sure if theres a look back in play. My estate consist of two homes and a portfolio.
You need to see an attorney who specializes in estate planning in YOUR state. There is always a look back period when you outright transfer assets to a beneficiary.
Medicaid has 5 year look back
Very informative!
Thank you! Glad it was helpful!
I have one. I'm in the construction and rehab businesses so for me it makes sense since it's so litigious. The one I have is for that company. I use revocable on everything else.
Recently a friend of mine passed away..he left his house to his son's in a irrevocable trust..which was his way of keeping his house from ending up in one of the many bimbos he had hanging around..but unfortunately he had a code compliance issue with the city and ignored it for many years;no worries for him they could not take his house(because of the irrevocable trust)however when he died and his house went to his son's so did the code compliance fines which had gone from a few thousand dollars to approx.fifty thousand dollars and needed to be paid in full or the city is gonna take the house..so in this case-not a good idea for his son's sake ..
Very informative
You are inaccurate and doing a disservice to the middle class in about 80% of what you said about irrevocable trusts as they relate to us normal people. I would tear your Rupert Murdoch example up and show you how a Middle Class Asset Protection (MCAP) Trust serves people in a more protective and controlled way compared to your LLC with RLT method which gives superficial asset protection easily pierced in court. I'd love to have a live discussion with you.
👍👍👍👍😱😱Thank you for the info, I was going in the wrong direction totally to your video open up my eyes thank you so much 👍👍👍👍👍👍
Of course! Glad I could help.
I@@CorporateDirectInchow can I get in touch with you asap? Please help me 11/30/24
Can’t you just name your beneficiaries in your will ?