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.
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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.
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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.
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