Question about Trusts

[Misterskyline]

What is the name of your state (only U.S. law)? NY

I heard of someone who went to a lawyer and was told two things..

1) They can put their monthly pension into a trust, and be able to receive medicaid at the same time.

2) They can put their co-op apartment into a trust, and if they get sick with hefty medical bills, not be worried about their property being ceased.

Any truth to any of this? Is this even what trusts are used for? Sounds a little shady to me. The lawyer also wants $4k for all of this to be possible. Supposedly this is a pretty well known lawyer.

Please let me know ASAP! Thanks!

 

[LdiJ]

What is the name of your state (only U.S. law)? NY

I heard of someone who went to a lawyer and was told two things..

1) They can put their monthly pension into a trust, and be able to receive medicaid at the same time.

2) They can put their co-op apartment into a trust, and if they get sick with hefty medical bills, not be worried about their property being ceased.

Any truth to any of this? Is this even what trusts are used for? Sounds a little shady to me. The lawyer also wants $4k for all of this to be possible. Supposedly this is a pretty well known lawyer.

Please let me know ASAP! Thanks!

Yes, its possible if done just the right way, and at least 5 years before they actually need Medicaid, at least the co-op apartment in a trust is possible. I am less certain about the pension.

 

[Dandy Don]

Check out the lawyer's credentials at the website of the New York State Bar Association to see if there are any actions against this attorney for misconduct.

 

[Misterskyline]

Yes, its possible if done just the right way, and at least 5 years before they actually need Medicaid, at least the co-op apartment in a trust is possible. I am less certain about the pension.

Thank you.. Is it needed even if the apartment is way under $500k in value? I think I read somewhere yesterday that they don't touch it if its under 500k

Check out the lawyer's credentials at the website of the New York State Bar Association to see if there are any actions against this attorney for misconduct.

great thanks

 

[LdiJ]

Thank you.. Is it needed even if the apartment is way under $500k in value? I think I read somewhere yesterday that they don't touch it if its under 500k

Yes, its helpful even if the value of the apartment is less than 500k.

 

[Misterskyline]

Yes, its helpful even if the value of the apartment is less than 500k.

I heard that even if you have a trust for your income, medicaid can and will go in there to take your money. True? Don't understand the reason for a trust then. Also heard you can never touch it again. Really don't see the benefits of this.

 

[LdiJ]

I heard that even if you have a trust for your income, medicaid can and will go in there to take your money. True? Don't understand the reason for a trust then. Also heard you can never touch it again. Really don't see the benefits of this.

I also have some doubts as to a trust's usefulness as far as income is concerned. Savings perhaps, but not income. Trusts however can be very useful for real estate.