Can I Transfer Additional Assets to my Irrevocable Trust?
This edition of the Koldin Report E-Newsletter is part of a series on questions we received from our “contact us” form on our website about Elder Law, Estate Planning and Medicaid.
All prior newsletters are saved on our website. You can read them by clicking here.
I have an Irrevocable Trust with your office and I just bought a condo in Florida. Can I transfer this Condo to my Trust?
Yes, you can transfer additional assets such as real estate and investments to your Irrevocable Trust prepared by the Koldin Law Center, P.C. However, the Medicaid 5 year look back period applies to each addition made to the Trust before the addition becomes protected.
Many of our clients purchase a Florida Condo or other real property from funds already in their Trusts. The deed from the seller conveys the property directly to the Trust. When property is purchased directly by the Trust, there is no new 5 year look back period.
We suggest that our clients contact us before purchasing real property so that we can discuss the best options for protecting the property from Medicaid.
For more information about Irrevocable Trusts, please see our website by clicking here.
At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care. Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy. We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.
There is something you can do.
Our Attorneys are available to speak to your organization
Our Attorneys speak to groups throughout New York State as a public service. If you would like to arrange for one of our Attorneys to speak to your group, please contact our office.
We appreciate your referrals
We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.
We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.
We all share the responsibility for making our family and friends aware of the planning options available to them.
Your referral to the could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.
Remember that the offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.
THERE IS NO FEE FOR THE INITIAL CONSULTATION