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Help with Family Trust

DawnT

Jun 15, 12 7:33

Post #1 of 8 (508 views)

Help with Family Trust	Quote \| Reply

I need to set up an irrevocable trust for my parents. Can anyone suggest a book or website where I can learn more about the subject? I'll be working with a lawyer, but I'd like to understand the topic before I start working with anyone. This is in Massachusetts.

justgeorge

Jun 15, 12 7:37

Post #2 of 8 (501 views)

Re: Help with Family Trust [DawnT] [In reply to]	Quote \| Reply

legalzoom.com has a good read about trusts.

bluemonkeytri

Jun 15, 12 9:20

Post #3 of 8 (471 views)

Re: Help with Family Trust [DawnT] [In reply to]	Quote \| Reply

Why are you stting it up? Be forewarned that if you are doing it for Medicaid purposes, you need specific language and it will look a whole lot different that your garden variety estate planning tool.

DawnT

Jun 15, 12 9:37

Post #4 of 8 (464 views)

Re: Help with Family Trust [bluemonkeytri] [In reply to]	Quote \| Reply

For a variety of reasons, but mainly to qualify for VA benefits that will help them with their assisted living expenses. When determining if they qualify for VA benefits, the VA doesn't take into account their home, but they have sold their home now that they are living in assisted living, so my intent was to put the proceeds of the sale of their house into the trust so they would qualify for the benefit. Medicaid is not an issue right now, but may be in the future.

I found a WSJ Estate Planning book on Amazon. Perhaps I need something like that. Or, maybe I need to hire a fee-only financial planner. Not really sure at this point...

wdrhoads

Jun 15, 12 9:58

Post #5 of 8 (454 views)

Re: Help with Family Trust [DawnT] [In reply to]	Quote \| Reply

i'd suggest getting a VA lawyer instead of a trust attorney. VA benefits are tricky, weird things. a VA specialist should be able to help you.

DawnT

Jun 15, 12 10:04

Post #6 of 8 (448 views)

Re: Help with Family Trust [wdrhoads] [In reply to]	Quote \| Reply

Thanks everyone for the help.

If anyone can recommend a good book on estate planning for seniors, let me know.

wdrhoads

Jun 15, 12 10:07

Post #7 of 8 (446 views)

Re: Help with Family Trust [DawnT] [In reply to]	Quote \| Reply

http://www.amazon.com/...ed-but/dp/0984394907.

i've heard the author speak at a CLE and have a copy of the book. i'd recommend it.

GhiaGirl

Jun 15, 12 18:20

Post #8 of 8 (374 views)

Re: Help with Family Trust [DawnT] [In reply to]	Quote \| Reply

I don't know about getting a VA attorney for setting up a trust, but when it comes time to file the paperwork with the VA, do talk to the different organizations that will help you file the paperwork. DVA is one, and I think there's a rep at every VA hospital. There are other organizations as well. There are attorneys who deal with VA claims, but they might not be necessary unless they are denied the claim, the DVA rep should help facilitate so that does not happen.

and then expect the process to take a while. The VA has done a good job streamlining some claim filing, but it's still a process.