TX has an enhanced life estate deed. It's often called a Lady bird Deed. It is not the usual Life Estate Deed. It needs to be done by an atty & it can be a real estate atty or an elder law atty or estate atty.
Thanks both! I'm sorry I wasn't clearer. I am not on Medicaid. I am trying to protect my daughter who is on Medicaid and Total and Permanent Disability. Not easy so far.
Like Pam said, you need an atty to do a SNT. If your Daughter is not competent or cognitive, you are going to likely have the atty do the trust to be administered by the law firm with 2 family trustees. Or perhaps 2 much younger close friends of yours.
? For you? If you place your home in the trust, is there an income stream (like investments, a huge life insurance policy with the new trust as beneficary) to pay all the costs on the house? And for possibly years? I'm kinda assuming daughter could not pay property costs. So how are taxes, insurance, etc, going to be paid once you are not there to oversee? Trusts sound all ideal but can pose problems without some sort of way to fund trust costs.
I been a trustee on a cousins SnT. He was 1950's polio & now with secondary polio syndrome. He is on medicaid & medicare. Trust has been about paying for equipment, retrofitting cars, aides, transportation. Trust about to defund & close out. He totally self directs the trust as his issues are physical not cognitive. 3 sources of income to "feed" it & no new income for a while. there's an atty who oversees and does any interface with the state. My point in all this is that a trust is NOT do once & your done but will need someone there for the long haul and then some as your trust has property and not just $$!
? For you? If you place your home in the trust, is there an income stream (like investments, a huge life insurance policy with the new trust as beneficary) to pay all the costs on the house? And for possibly years? I'm kinda assuming daughter could not pay property costs. So how are taxes, insurance, etc, going to be paid once you are not there to oversee? Trusts sound all ideal but can pose problems without some sort of way to fund trust costs.
I been a trustee on a cousins SnT. He was 1950's polio & now with secondary polio syndrome. He is on medicaid & medicare. Trust has been about paying for equipment, retrofitting cars, aides, transportation. Trust about to defund & close out. He totally self directs the trust as his issues are physical not cognitive. 3 sources of income to "feed" it & no new income for a while. there's an atty who oversees and does any interface with the state. My point in all this is that a trust is NOT do once & your done but will need someone there for the long haul and then some as your trust has property and not just $$!