If the trust is not written to avoid that, yes. But I write every IRR trust with provisions that will ensure that the beneficiaries of the trust DO get a stepped up basis.
Ok.ty so nuch.. I will explore that option in NY. In conversation I heard that if you do not relinquish all control of asset, in thi case a house, then Medicaid can have access and make claim on it.
Hi Jerry! My mother in law had a Living Trust and it was such a blessing she had that set up when she passed.
I’m in Texas and recently heard of a Revocable Transfer on Death Deed. What are your thoughts on these? Do I understand correctly they also avoid probate?
Always appreciate your time to share your knowledge with us.
What about other assets, like checking/savings accounts, stock/bonds/investments, IRAs, etc? Should they also be put into the irrevocable trust?
They can be, but you wouldn't want to put anything in the trust you'd need to live on down the road.
Is it true that assets placed in an irrevocable trust, like a house, do not get a stepped up basis if they go to sell?
If the trust is not written to avoid that, yes. But I write every IRR trust with provisions that will ensure that the beneficiaries of the trust DO get a stepped up basis.
Ok.ty so nuch.. I will explore that option in NY. In conversation I heard that if you do not relinquish all control of asset, in thi case a house, then Medicaid can have access and make claim on it.
in Alabama what is average costs up trust
can you have a lein on your home and still set up in a trust
Hi Jerry! My mother in law had a Living Trust and it was such a blessing she had that set up when she passed.
I’m in Texas and recently heard of a Revocable Transfer on Death Deed. What are your thoughts on these? Do I understand correctly they also avoid probate?