wHO SHOULD TAKE ADVANTAGE OF A TRUST FOR ESTATE PLANNING?
First, almost anyone can benefit from a trust – but especially anyone who has property and wants to save it from being taken through txes or garnishment via medicare. Since the cost of setting up a trust is around 2500, you need to have at least 10 times that, I’d say, but probably much more. Usually, it’s someone or a couple that is looking at nursing home and wants to save some of their resources from Medicare. http://www.oag.state.ny.us/seniors/living_trust.html WHAT IS A LIVING TRUST? A revocable inter vivos trust (living trust) is created for the purpose of holding ownership to an individual’s assets during the person’s lifetime, and for distributing those assets after death. The individual who creates the trust (the grantor) names a person who will serve as trustee and will follow the trust’s terms after the grantor dies. While alive, the grantor usually may serve as a trustee and control the assets
