Mother's Ira & Vanguard 36 fund

[connie333]

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

Hi,

My mother is a widow. She has money in an IRA and in a Vanguard 36 Fund Account. She is 79. She would like to have this money (less than $90K total for both) go to her four children,she should die without the need for a nursing facility. Should we put both those accounts into a REVOCABLE TRUST ACCOUNT or is it best to list all four of our names listed as BENEFICIARIES on both these accounts? Would a nursing facility be able to access the money (about $50K) from her IRA, as well?

Thank you,
ConnieWhat is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

 

[anteater]

The IRA cannot be placed in a trust.

Naming beneficiaries costs nothing. A living trust will cost something.

A nursing facility is not going to be accessing her money. But, to qualify for Medicaid assistance, she will first need to spend her assets for her care (except for a very small amount). And the IRA is one of her assets. A revocable trust will not protect her assets from the Medicaid qualification requirements.

 

[connie333]

Mom's IRA

Just wanted to THANK YOU KINDLY for your advice...you were a wonderful help. Take care and have a wonderful weekend!
Connie