In a previous post, http://www.perlalaw.com/blog/the-ohio-supreme-court-leaves-older-couples-with-revocable-trusts-in-a-tricky-situation/, I discussed the case of Atkinson v. Ohio Department of Job and Family Services. In that case, the Ohio Supreme confirmed that having a home in a revocable living trust was not only no longer a beneficial Medicaid planning tool for married couples but detrimental to married couples applying for Medicaid, as it created a trap for those wanting to transfer the home to the healthy spouse.
Thankfully, the Ohio Department of Medicaid… Read the rest
A living trust, also known as a revocable trust or a family trust, is a trust you establish during your lifetime. Most people establish living trusts with several goals in mind, setting forth how they wish their assets to be distributed upon death and avoiding probate. What many attorneys forget to make clear to their clients, however, is that a Living Trust can only do its job if it is funded.
What does it mean to fund a trust? Funding is the process of transferring the ownership of your property or changing the beneficiary designations on your property into the name of your trust. Unless … Read the rest