Q: My spouse and I remain in our late 70’s We have 3 kids and dream to prevent probate and estate taxes. Is a living trust with a given up claim deed proviso a safe way to provide property to kids? If so, exists a waiting duration?
A: Do refrain from doing this by yourself and look for an older law lawyer’s guidance. Much more realities have to be understood. A revocable trust might be a way to pass both genuine and property on to your kids, but it is bad in every circumstance. If the waiting duration you describe is the dreadful 5 year Medicaid look-back, a revocable trust will not secure properties from Medicaid. You would need to move them into an irreversible trust which is give up a severe choice to make as you lose overall control of the property. If your sole objective is Medicaid concerns, you can simply deed your property and move your personal effects to your kids, and wait 5 years, but such transfers might have considerable tax effects on your kids.