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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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mlface, I think we have a similar irrevocable trust. Dad no longer controls or "owns" the money but in our letter of instruction, it says withdrawals can be made by sis and I ... and that "morality should dictate that it be used for Dad's care." In other words, unscrupulous people could cash it out and run. However, I assume that sis and I as beneficiaries of the trust -- could have personal tax consequences when we withdraw. We neglected to ask the elder care attorney (didn't think to). Singravallo is talking about a lot of money with a $60K withdrawal. I'd be very careful.
According to our irrevocable trust w our 4 children as trustees if I want money One of the 4 writes a check to himself (income to his tax) then he writes as gift to me. Haven't done it yet as we haven't transfer everything yet. That's how attorney explained to us.
1. Re: Irrevocable trust changes - My parents' irrevocable trust has a provision where they can change beneficiaries or their distribution share, as well as trustees. NYS appears to acknowledge the survivor retains that right also.
2. There is also a clause that stipulates a max of 50% distribution per year, I believe, but only with the signature of another beneficiary.
3. The contents of my Dad's trust can be used for his needs regardless. After all, he still pays the income taxes on those assets, and he shouldn't be deprived of their benefit for his needs like income taxes, tax prep, attorney fees, etc. The money was put in to reduce/eliminate probate costs as well as for possible protection of the assets.
His trust does NOT GUARANTEE inheritance to his beneficiaries, especially if his health care needs it before EACH asset reaches the five year date.
Check with the attorney, for sure.
If you're setting up a will, these are some points to consider.
"Irrevocable" simply means the trust cannot be revoked, and almost always also means the terms of the trust cannot be changed or amended. However, beyond that, there is a tremendous amount of flexibility in how much money can be distributed to the person who establishes the trust. If you are referring to an existing trust, you must carefully read the words of the trust, and you may need an attorney's assistance with this if you cannot understand what it says.
If you are considering creating an irrevocable trust, then note that under Medicaid rules, if there are "any circumstances" in which the creator of the trust can access the principal of the trust, then the entire amount of the trust will be considered a countable asset for Medicaid eligibility purposes.
I have an entire chapter in my Medicaid Secrets book on irrevocable trusts and how they can be used for Medicaid planning. It is indeed a complicated topic!
We set up an irrevocable living trust for my Momma after we lost Dad and it is to "provide health, maintenance and support" to her while she is alive. You have to know the terms of the trust. Need to look at the trust agreement with an attorney.
I've been told by the tax accountant who handles my Dad's matters that his irrevocable trust money could be used for Dad's needs prior to his passing.
Consequently, income tax payments, attorney/accountant costs, home repairs are the major things paid out. Also, premiums for Dad's life insurance are paid since the policy is in the trust, etc.
Distributions are the main concern, and provisions may or may not be allowed. Consult with the attorney who wrote the trust, or a similar expert if the originator is no longer involved.
Sing - what is the purpose of the trust; how is it being funded &/or what is the income stream for the trust; and what happens if it should de-fund?
Those are the ? you should ask about when you speak with the attorney who did the trust. You need to clearly understand what limitations are for the type of trust you have. Also ask the attorney that if the trustee writes out a check for an large amount to an individual, how it needs to be handled for IRS reporting. Back in the old days, $ from trust often never got 1099's or reported as income. Not so much now, so you want to do whatever to be IRS compliant. The attorney will know the names of CPA's to deal with trust tax issues.
The attorney that made one for us said none of the money can be touched until the person dies. I believe the only thing it's really good for is to qualify for Medicaid.
You will need to check with the attorney would drew up the trust or will be drawing up the trust. Laws regarding trusts could vary from State to State.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
2. There is also a clause that stipulates a max of 50% distribution per year, I believe, but only with the signature of another beneficiary.
3. The contents of my Dad's trust can be used for his needs regardless. After all, he still pays the income taxes on those assets, and he shouldn't be deprived of their benefit for his needs like income taxes, tax prep, attorney fees, etc. The money was put in to reduce/eliminate probate costs as well as for possible protection of the assets.
His trust does NOT GUARANTEE inheritance to his beneficiaries, especially if his health care needs it before EACH asset reaches the five year date.
Check with the attorney, for sure.
If you're setting up a will, these are some points to consider.
If you are considering creating an irrevocable trust, then note that under Medicaid rules, if there are "any circumstances" in which the creator of the trust can access the principal of the trust, then the entire amount of the trust will be considered a countable asset for Medicaid eligibility purposes.
I have an entire chapter in my Medicaid Secrets book on irrevocable trusts and how they can be used for Medicaid planning. It is indeed a complicated topic!
Consequently, income tax payments, attorney/accountant costs, home repairs are the major things paid out. Also, premiums for Dad's life insurance are paid since the policy is in the trust, etc.
Distributions are the main concern, and provisions may or may not be allowed. Consult with the attorney who wrote the trust, or a similar expert if the originator is no longer involved.
how is it being funded &/or what is the income stream for the trust;
and what happens if it should de-fund?
Those are the ? you should ask about when you speak with the attorney who did the trust. You need to clearly understand what limitations are for the type of trust you have. Also ask the attorney that if the trustee writes out a check for an large amount to an individual, how it needs to be handled for IRS reporting. Back in the old days, $ from trust often never got 1099's or reported as income. Not so much now, so you want to do whatever to be IRS compliant. The attorney will know the names of CPA's to deal with trust tax issues.