Legal Question in Wills and Trusts in Turkey

Personal assets and Living Trusts

My assets (over $23,000)were put in a Living Trust by my wife and I. The Social Security Admin. wants to know if I have assets over $23,000, so it can determine if I qualify for the new Medicare Prescription Program. Do I have to count the assets in the Trust in answering the question?


Asked on 7/12/05, 5:39 pm

1 Answer from Attorneys
Randy Masters The Law Office of Randy Masters

Re: Personal assets and Living Trusts

I am assuming (correct me if I am wrong) that you have a revocable living trust, instead of an irrevocable trust, such as a medicaid trust. If this is the case, assets that are funded into a revocable living trust are countable as assets when you report to the Social Security Administration. Having assets in a revocable living trust is essentially the same as having the same assets titled in your name--because you have the same control over the assets (to sell or give that asset away, for example), as well as the same freedom to revoke or amend the trust as you wish.

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Answered on 7/12/05, 6:25 pm


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