Gift

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

If property is going to be gifted to son/s, why would a trust be necessary?

My mother and fathter inlaw intend to gift their lake home to my husband and his brother. The idea is to make sure this place remains in the family as it has been for the past 100 years and to make sure the it does not end up in the states hands if one or both should need to live in a health facility. If in Minnesota one can gift up to $1,000,000, why would this need to be in a trust? I understand wills can be challenged and there are other children who will not be happy with this decision. However, this is the wish of my in-laws.

How old is him/them?

by gifted, do you mean giving to him before you die ?

if so, you need to look at the timeframe between now and the time that the property is gifted, and what sorts of things can occur.

if not so, then i assume he will be inheriting by will. then you need to look at the differences between wills and trusts.

ringbar said:

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If property is going to be gifted to son/s, why would a trust be necessary?

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I can think of a couple of hundred reasons, but that's only because I thought about it for a second or two.

However, give more facts and details so we can give you a more complete answer.

gifts

My mother and fathter inlaw intend to gift their lake home to my husband and his brother. The idea is to make sure this place remains in the family as it has been for the past 100 years and to make sure the it does not end up in the states hands if one or both should need to live in a health facility. If in Minnesota one can gift up to $1,000,000, why would this need to be in a trust? I understand wills can be challenged and there are other children who will not be happy with this decision. However, this is the wish of my in-laws.

ringbar said:

My mother and fathter inlaw intend to gift their lake home to my husband and his brother. The idea is to make sure this place remains in the family as it has been for the past 100 years and to make sure the it does not end up in the states hands if one or both should need to live in a health facility. If in Minnesota one can gift up to $1,000,000, why would this need to be in a trust? I understand wills can be challenged and there are other children who will not be happy with this decision. However, this is the wish of my in-laws.

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What you are proposing above will not work.


by gifted, do you mean giving to him before you die ?


How old is him/them?


Answer the questions!

seniorjudge said:

What you are proposing above will not work.

by gifted, do you mean giving to him before you die ?

How old is him/them?

Answer the questions!

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Since one of the intended is a hubby, I bet he is no longer a minor. Especially since it is Minnesota. With the cold, males take a little longer to "get the engine up to speed."

Ringbar -- Very simple answer. Ask hubby's parents. We can't know what their objectives are or what advice they are receiving. If the property is to be placed in a trust, then it isn't a gift to hubby and brother. The only type of trust that would make sense to "make sure the it does not end up in the states hands if one or both should need to live in a health facility" is an irrevocable trust.

Not only would it have to be a trust, it would have to be an irrevocable trust for a "gift" to occur. If that is done before the look back period of gifts in the state and federal aid programs, it would remove the property from the ownership of the parents and could not be attached.

anteater said:

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With the cold, males take a little longer to "get the engine up to speed."
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That's not what I've heard.