another trust fund question

[Porsche-O-Phile]

I favor assisted suicide as option rather than the perpetuation of a system that forces the old and infirm to languish for years in poor conditions for the benefit of businesses and insurance companies, but that’s probably another discussion for another time / thread too.

Medicaid planning is a legal strategy. Nobody is saying it’s right or wrong - only that it’s out there as an option and for some people, it makes sense.

[Sooner or later]

Originally Posted by Porsche-O-Phile

I favor assisted suicide as option rather than the perpetuation of a system that forces the old and infirm to languish for years in poor conditions for the benefit of businesses and insurance companies, but that’s probably another discussion for another time / thread too.

Medicaid planning is a legal strategy. Nobody is saying it’s right or wrong - only that it’s out there as an option and for some people, it makes sense.

Well said

[Seahawk]

I am not sure if some of the posters here have been through this recently.

My Father had very firm instructions for no extraordinary care, do not resuscitate, etc. in his living will and entrusted me (not his wife - he remarried after my mother died in 1990) to make sure his wishes were enforced.

Drugs for pain only, etc...suicide can be painless.

He also planned well and made sure any long term care was taken care of in advance. There are plans but we both knew he wouldn't' need them.

So, when he got cancer we kept him comfortable and, since he planned well, he died rather quickly without languishing at all.

Plan now, folks.

BTW, his Will was extraordinarily specific as well and ended any discussion on his intent and desires before they could happen.

[berettafan]

Originally Posted by nota

so your guys favor a socialistic end game plan
to avoid paying for terminal care and transfer the costs of your care to the government

That is exactly what medicaid planning is. And it's why, oddly enough, some atty's are not willing to engage in it.

Not all in this thread are talking about that.

[Hugh R]

No real input other than why an irrevocable trust? Does that mean you're stuck with it.

[greglepore]

It doesn't work as intended if its revocable. You have to lose complete control over the asset(s).

[PorscheGAL]

Originally Posted by nota

WITH T-rump killing the estate tax a gift to the super rich
is the need for trusts still valid ?

my multi-millionaire buddy had a generation skipping trust set up
that allowed tax avoidance but meant he did not have full control of his wealth
and had to pay full rate income taxes on any funds transferred in to the USA
from his very extensive swiss holdings

Having a trust, sometimes, has nothing to do with the taxes. Here in South Carolina, all wills must go through probate. That is at least a year where everything is on hold. No assets can be sold.

OP: It is of great help to speak with a lawyer from your state that can help with your decision. Federal rules are not the only ones in play.

Good luck.

[on2wheels52]

The 25 words or less explanation from our trust guy:

A will is quick and cheap on the front end, trust is cheap and quick on the back end. When do you want to pay?

[flatbutt]

Originally Posted by PorscheGAL

Having a trust, sometimes, has nothing to do with the taxes. Here in South Carolina, all wills must go through probate. That is at least a year where everything is on hold. No assets can be sold.

OP: It is of great help to speak with a lawyer from your state that can help with your decision. Federal rules are not the only ones in play.

Good luck.

I have a CELA attorney doing all the work.

Nota: It's not that I wish to avoid paying my bills. I want to have control over how that money is spent. Rather than having my legacy pilfered by nursing homes I prefer to pay as I go.

I don't anticipate ever needing Medicaid but I won't sit back and let everything I worked for get taken away from my kids.