How to amend a trust

[sefnfot]

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

My grandparents created a Trust. My grandfather passed away so my grandmother is the trustee.

my mother is one of the beneficiaries. and 2 other brothers.

i want to create a new trust for my mother AND replace the beneficiary in the grandparents trust from my mothers name to the NEW MOTHERS TRUST .

1. Will this new trust be valid while there isn't any value in the trust at the time of its creation?

This page on ehow gives me doubts.. Can I Make My Own Living Trust? | eHow.com

Funding a Trust
For a living trust to be effective, you must fund it with high-value assets, such as real estate property, non-401(k) retirement accounts, trust accounts, heirlooms and personal property.

2. I can place the jewelry from the safe deposit box into the trust, if that helps.

3. If the trust is irrevocable then do I still need everyones signiature , ( trustee, and the 2 brothers) or can this be done with only the effected parties , which is the trustee and my mother since it doesnt effect anyone else?

in order to avoid debtors and tax and medicare seizures the transfer of assets need to be made at the first TRUST level instead of just waiting for the mother to transfer the assets after it is received.

 

[curb1]

This got my attention:

You said, "in order to avoid debtors and tax and medicare seizures the transfer of assets need to be made at the first TRUST level instead of just waiting for the mother to transfer the assets after it is received".

How did you arrive at that conclusion?

 

[LdiJ]

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

My grandparents created a Trust. My grandfather passed away so my grandmother is the trustee.

my mother is one of the beneficiaries. and 2 other brothers.

i want to create a new trust for my mother AND replace the beneficiary in the grandparents trust from my mothers name to the NEW MOTHERS TRUST .

1. Will this new trust be valid while there isn't any value in the trust at the time of its creation?

This page on ehow gives me doubts.. Can I Make My Own Living Trust? | eHow.com



2. I can place the jewelry from the safe deposit box into the trust, if that helps.

3. If the trust is irrevocable then do I still need everyones signiature , ( trustee, and the 2 brothers) or can this be done with only the effected parties , which is the trustee and my mother since it doesnt effect anyone else?

in order to avoid debtors and tax and medicare seizures the transfer of assets need to be made at the first TRUST level instead of just waiting for the mother to transfer the assets after it is received.

And how does your mother feel about this? I can see no reason why this is something that need to be done at this time. Why can't your mother inherit her share of the trust under her own name and then form a trust herself if that is what SHE wants to do?

 

[FlyingRon]

If the trust is irrevocable it can't be changed. Mom would have to receive the assets before they could be transferred into the trust.

 

[sefnfot]

And how does your mother feel about this? I can see no reason why this is something that need to be done at this time. Why can't your mother inherit her share of the trust under her own name and then form a trust herself if that is what SHE wants to do?

yes my mother wants this if it works.
isn’t it true, if an individual is receiving Medicare, then if they inherit large amounts of money or assets, then the government can seize the inheritance?

so instead of it going to my mother, it would go to a trust that I ( her son ) will be the trustee/ executor. so that she would not receive any significant amount of money that would raise the governments attention.

 

[sefnfot]

i am not looking to do anything illegal, but my grandmother and mother would rather that her share of the inheritance go to me instead of the government.

 

[curb1]

The trust will not give your mother the protection that you expect. What kind (CDs, real estate, or what?) of assets are involved?

 

[LdiJ]

yes my mother wants this if it works.
isn’t it true, if an individual is receiving Medicare, then if they inherit large amounts of money or assets, then the government can seize the inheritance?

so instead of it going to my mother, it would go to a trust that I ( her son ) will be the trustee/ executor. so that she would not receive any significant amount of money that would raise the governments attention.

Medicare has absolutely no effect on assets. Medcaid for nursing home care is an issue. Are you thinking that your mother is going to have to go into a nursing home while your grandparent is still living?

Your mother's assets SHOULD pay for her nursing home care.

 

[FlyingRon]

Medicare has absolutely no effect on assets. Medcaid for nursing home care is an issue. Are you thinking that your mother is going to have to go into a nursing home while your grandparent is still living?

Your mother's assets SHOULD pay for her nursing home care.

Further, if you screw this up for her, she may not be eligible for Medicaid. Are you prepared to pay for her nursing home care?