Joint RLT vs Single RLT
We have a joint RLT, funded by a small business,checking acct and mortgaged homestead. We are upside down,with more debt than assets.
My spouse has become mentally incompetent. If I understand correctly, the income from that business would be considered joint income. For the purposed of being able to qualify for public assistance, if I created a RLT for myself and moved the business to that trust would it solve the income problem of qualifing? (the well spouses income would not be counted)
1 Answer from Attorneys
Re: Joint RLT vs Single RLT
A revocable living trust does not shield assets for purposes of qualifying for Medicaid. Medicaid planning can be very complex; therefore, I recommend that you consult an attorney in your area that works on Medicaid Planning. There are probably other courses of action you can take but you'll need to discuss the details of your assets with the attorney in order to assess the best way(s) to accomplish your goals.
Related Questions & Answers
-
Is emergency guardianship possible? My grandmother who is in her 80's moved in with... Asked 12/19/03, 4:04 pm in United States Florida Elder Law
-
Elder Banking Laws in FLorida If my parents transfer their assets to me, how long... Asked 12/19/03, 11:49 am in United States Florida Elder Law
-
Special needs trust Please explain what a Special Needs Trust is. Thank you. Asked 12/12/03, 1:38 pm in United States Florida Elder Law
-
Need to add additional siblings to deed my mother-law-signed her house over to one... Asked 5/29/02, 11:07 am in United States Florida Elder Law
-
Eighty-two year old needs protection my friend's father is 82, a widower, and has a... Asked 3/10/02, 2:35 pm in United States Florida Elder Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
