Will over Trust questions?

[ring]

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

My Uncle,ran & held the family farm for many yrs.Through the yrs the farm was handed down from family member to family member as most farms are handed down that way inorder to keep it in the family for many more yrs to come.Yrs ago,farms was basically Willed to another in the families to keep the farm in the family.
I was told by many people that there is a chance that a nurcing home or if creditoror creditors can take the farm Will or no Will.I've talked this over with my Uncle.My Uncle agrees he don't want to see the farm sold,auctioned ect.He what's to see the farm to stay in the family.So,my Uncle decided to get his Will done.He made me the Will executive of the estate for the farm to go to me on his passing.I'm no attorney.I was told that if my Uncle would go into a nurcing home there is a chance the nurcing home will touch it.As of now the Will is complete/done.But,I had the chance to speak with another attorney about this and I was told a Will doesn't stop a creditor.What needs to be done to save the farm from a creditor is a Medicare Trust.This way the Uncle can live on the farm until he dies then,the farm is in a Trust to you.Or basically sells the farm to me as a trust.
I was told by another attorney that the attorney that did the Will wanted it as a Will so,that Attorney will get his % at the end as example his 10% of the estate.
If the farm stays as part of a living Will.That's more money % to the attorney at the end.But,if the farm is placed as a Medicare Trust.The farm isn't included within the estate.
For a example,if the farm is worth/valued at $300,000.After the Uncle's passing bank funds remain at $100,000.The attorney gets 10% of that $400,000 upon the Uncle's passing.But,if the farm was placed into a Medicare Trust the attorney will only get 10% of that $100,000 not the farm value estate.
I was told by this attorney that a POA voids after death.A living Will will not stop any creditors.Requires a Medicare Trust.A trust can not be touched.
Many attorneys avoid Medicare Trusts because,of lack % out take to them.Many attorneys search/seek for lonely elderly people to create Wills so attorneys can get their % at the end.That's some opinions I hear anyway.I'm not calling names just stating what I hear is all.Understanding,attorneys get their pay,They do the work to help people with Wills and Trusts and other.When we talk about nurcing homes they get more then their share.They get all but,$50 of the elderly check a month on top of other funds I don't want to get into.I'm not into ripping off nurcing homes.In turn be nice to know how to avoid getting ripped off by nurcing homes as well.You work all your life to get what you have to set it in place for your children to have a better life.To lose it to a nurcing home isn't right my opinion.
So,tell me?
What's better a Living Will or a Trust?

 

[anteater]

I was told by another attorney that the attorney that did the Will wanted it as a Will so,that Attorney will get his % at the end as example his 10% of the estate.

I don't know where you are getting this "attorney takes X% of the estate" stuff. First, the attorney presumably was compensated for creating the will itself. That attorney does not necessarily have any ongoing relationship with your uncle or with your uncle's estate when your uncle passes away. The will nominates you as the executor of your uncle's estate when he passes away. When the will is accepted by the court and the court appoints you as the executor, you may retain any attorney you wish to assist you in administering the probate estate. (Or you can choose not to retain an attorney at all if you feel you can handle the tasks yourself.) And you can make any compensation arrangements with that attorney that you both agree to.

As for the rest, you are kind of hazily in the ballpark. When a person requires medical care, we expect that person to use their assets (or insurance) to pay for the medical care. For those that have exhausted their assets, we provide a government-funded safety net - Medicaid. We (the taxpayers) don't particularly like people giving away their assets and then calling on the safety net to pay for the medical care.

Yes, there are ways to protect assets while qualifying for Medicaid. But it is a specialized legal planning area and requires planning well in advance of the need. If your uncle is serious, then try to help him find an attorney with specific expertise in "Medicaid planning." (And... I don't think that I would trust the attorney that was trash talking the attorney who created the will.)

 

[ring]

I don't know where you are getting this "attorney takes X% of the estate" stuff. First, the attorney presumably was compensated for creating the will itself. That attorney does not necessarily have any ongoing relationship with your uncle or with your uncle's estate when your uncle passes away. The will nominates you as the executor of your uncle's estate when he passes away. When the will is accepted by the court and the court appoints you as the executor, you may retain any attorney you wish to assist you in administering the probate estate. (Or you can choose not to retain an attorney at all if you feel you can handle the tasks yourself.) And you can make any compensation arrangements with that attorney that you both agree to.

As for the rest, you are kind of hazily in the ballpark. When a person requires medical care, we expect that person to use their assets (or insurance) to pay for the medical care. For those that have exhausted their assets, we provide a government-funded safety net - Medicaid. We (the taxpayers) don't particularly like people giving away their assets and then calling on the safety net to pay for the medical care.

Yes, there are ways to protect assets while qualifying for Medicaid. But it is a specialized legal planning area and requires planning well in advance of the need. If your uncle is serious, then try to help him find an attorney with specific expertise in "Medicaid planning." (And... I don't think that I would trust the attorney that was trash talking the attorney who created the will.)

Thanks for your information.I'm not defending the trash talking attorney.But,he did bring some things to lite.If true is why I asked.
I was told by this trash talking attorney that a Will will not protect your estate from/if any creditors.To follow your father's wishes to protect the farm to stay in the family requires a Medicare Trust."Not a Will".Your father is welcome to a Will if he likes.Your father has the option to have both Will & Trust.A medicare trust is your father gives you the son the farm in a trust agreement.It's still your fathers farm and he can live their until he dies.After death the farm will go to you and that is what is called a Medicare Trust agreement.Again,a Will doesn't protect from creditors.Is what I was told by this attorney.
Trash talking or is it the truth?You decide? I'm no attorney to know this red tape attorney law puzzle book.But,what this attorney stated doesn't sound far fitched.
"Some",attorneys seek out lonely elderly clients with no families to obtain a % of the edlerly's money.They call these type of elderly clients game for open season.
"Some" attorneys go as far as modifing edlerlies deeds for that % gain.If no family to the elderly who would know or care.Again open season.
Yes,the attorney was compensated for creating the will as every attorney has his/her fees.Some attorneys create a baloon % in the fine print is what I was told.

 

[ecmst12]

You should find someone with the intelligence required to help your relative plan his estate. You clearly are not the slightest bit capable.

 

[anteater]

My point was that the second attorney you talked to could have informed you about trust possibilities without implying that the attorney who created the will had ulterior motives concerning future fees.

It isn't a "Medicare Trust." It is a "Medicaid Trust." You can get some general information by doing a search with terms like: medicaid planning or medicaid trusts

However, the overall points to bear in mind are:

1) The applicant for Medicaid assistance has to have divested him/herself of ownership in any assets. Placing an asset in an irrevocable trust means that the applicant no longer owns the asset.
2) The state agency administering Medicaid will look back 5 years for the transfer of assets at less than fair market value. And placing an asset in an irrevocable trust is such a transfer. Transfer of assets during that look back period will generally result in a period of disqualification for receiving Medicaid assistance.

 

[ecmst12]

Which means if his health is already declining, it's too late to be able to protect his assets.

 

[ring]

My point was that the second attorney you talked to could have informed you about trust possibilities without implying that the attorney who created the will had ulterior motives concerning future fees.

It isn't a "Medicare Trust." It is a "Medicaid Trust." You can get some general information by doing a search with terms like: medicaid planning or medicaid trusts

However, the overall points to bear in mind are:

1) The applicant for Medicaid assistance has to have divested him/herself of ownership in any assets. Placing an asset in an irrevocable trust means that the applicant no longer owns the asset.
2) The state agency administering Medicaid will look back 5 years for the transfer of assets at less than fair market value. And placing an asset in a trust is such a transfer. Transfer of assets during that look back period will generally result in a period of disqualification for receiving Medicaid assistance.

Thanks for the information.Yes,sorry it was called a Medicaid Trust.I was a few letters off lol.As for administering going back 5 yrs.I was told 2 years not 5.

Have a good day.

 

[anteater]

I was told 2 years not 5.

The notorious "I was told" strikes again.

Passive voice is not your friend.

 

[FlyingRon]

It is not now nor was it ever two years. It increased from three to five in 2006 or so.

 

[Ohiogal]

Run from any attorney who told you a living will can be used to protect property. Run quickly as that person is not capable of providing legal assistance.

 

[FlyingRon]

Run from any attorney who told you a living will can be used to protect property. Run quickly as that person is not capable of providing legal assistance.

Chortle, I missed that. A living will has nothing to do with property. It's the common name for advance medical directive (i.e., statements that you don't want extraordinary means to keep you alive or whatever). I suspect the term really used was Living TRUST (i.e., a revocable in vivo trust).

 

[Ohiogal]

Thanks for your information.I'm not defending the trash talking attorney.But,he did bring some things to lite.If true is why I asked.
I was told by this trash talking attorney that a Will will not protect your estate from/if any creditors.To follow your father's wishes to protect the farm to stay in the family requires a Medicare Trust."Not a Will".Your father is welcome to a Will if he likes.Your father has the option to have both Will & Trust.A medicare trust is your father gives you the son the farm in a trust agreement.It's still your fathers farm and he can live their until he dies.After death the farm will go to you and that is what is called a Medicare Trust agreement.Again,a Will doesn't protect from creditors.Is what I was told by this attorney.
Trash talking or is it the truth?You decide? I'm no attorney to know this red tape attorney law puzzle book.But,what this attorney stated doesn't sound far fitched.
"Some",attorneys seek out lonely elderly clients with no families to obtain a % of the edlerly's money.They call these type of elderly clients game for open season.
"Some" attorneys go as far as modifing edlerlies deeds for that % gain.If no family to the elderly who would know or care.Again open season.
Yes,the attorney was compensated for creating the will as every attorney has his/her fees.Some attorneys create a baloon % in the fine print is what I was told.

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

My Uncle,ran & held the family farm for many yrs.Through the yrs the farm was handed down from family member to family member as most farms are handed down that way inorder to keep it in the family for many more yrs to come.Yrs ago,farms was basically Willed to another in the families to keep the farm in the family.
I was told by many people that there is a chance that a nurcing home or if creditoror creditors can take the farm Will or no Will.I've talked this over with my Uncle.My Uncle agrees he don't want to see the farm sold,auctioned ect.He what's to see the farm to stay in the family.So,my Uncle decided to get his Will done.He made me the Will executive of the estate for the farm to go to me on his passing.I'm no attorney.I was told that if my Uncle would go into a nurcing home there is a chance the nurcing home will touch it.As of now the Will is complete/done.But,I had the chance to speak with another attorney about this and I was told a Will doesn't stop a creditor.What needs to be done to save the farm from a creditor is a Medicare Trust.This way the Uncle can live on the farm until he dies then,the farm is in a Trust to you.Or basically sells the farm to me as a trust.

Some posters lie and alter their questions to get what they want. Uncle? Father? Your uncle is your father, huh? Or did you lie to the attorney? Or did you lie to us?