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Trust question

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beautyangel

Guest
Hi. I am 20 years old and me and my mom signed a trust agreement when I was 19. The lawyer talked me into it because he said it was a good idea. It wasn't notorized, signed by the lawyer, or even looked at by the judge. The estate in which I inherited the property was closed and the trustee before mismanaged funds in which a lot of money was missing and not accounted for with no one's knowledge. Then I was given a choice on whether I should manage the money or have a trustee. I was pretty much pushed into having a trustee by my old lawyer. Is there any way we can renig on the trust and I can handle the money on my own. The trust said I would receive my money when I'm 21. But my mom won't let me buy a house or anything with the money and my dad is also talking her into not letting me because they don't want me to leave the state. This is really ridiculous because it is my money and it won't be lost in real estate. My mom says it will all be wasted If I put that much in a house and I just think she is jealous, doesn't want me to leave the state, and doesn't want to lose on the rent money I give her per month. And the rent money I give her is $1600 more than the taxes I would have to pay on the house. I also plan on buying a income property. My mom already gave me earnest money for a house that I already put down to buy it. Now she is talked into by my dad that I shouldn't buy it. I do not want to lose my earnest money. I have around 900,000 after taxes and I wanted to spend 480,000 on a nice area that goes up in value. By the way, my father lost all of his money in the stock market so I don't think he is that great on giving advice. What should I do? How do I get all the money in my name? If my mom agrees also, can we renig on this trust?
 
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loku

Guest
If all the property in the trust was yours before you created the trust, and if the trust is revocable, then you can revoke it at any time. You do that by sending notice of revocation to the trustee (I guess this would be your mother), and direct her to transfer the property back into your own name.
 
V

vsharp

Guest
preserving assets

west virginia.

my father-in-law is suffering from cancer and renal failure. He needs to be placed in a nursing home. he has financial assets that would keep him approximately two years. however, his wife is quickly becoming incapacitated and will need that money for herself.

if he did not have any assets above a certain level, there are federal and state funds that would take care of his situation for the remainder of his life.

query: could we transfer both his and his wife's assets into an irrevocable living trust with one of their children as trustee? would this allow him to qualify for aid,or is it to late to do this?
 
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loku

Guest
It sounds like it is too late. There are very strict laws, with criminal penalties, designed to prevent people from giving their property away at the last moment, or even within a few years of the time that they enter a nursing home, if the result is that the Government will be expected to pay the costs of nursing home or other care, rather than the person himself from his or her assets.

However, it may not be too late for your mother-in-law’s assets. An elder care attorney may be able to help you create a plan that will both protect much of her assets and make her eligible for Government benefits after a few years.
 

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