Setting Up a Life Estate or Living Trust

[tippet5x]

My question involves estate planning in the state of: New York

Helllo,

Looking for an lawyer to help with setting a Life estate for my mother. Before going to a lawyer I would like to know my options available. So far the two options that we have are the living trust or a life estate. Is there something else I should be searching and reading before I get the the lawyer office?
My mother wants to protect her house if needed from medicare and avoid probate.

also how can I know if i picked the right elder lawyer to help us decide?

thank you

[tippet5x]

i meant to type Medicaid

[lwpat]

Look for an elder care attorney. You probably also need a living will and POA. There is a list on the NAELA website.

[tippet5x]

Met with three attorneys listed on the naela site. Attorney #1 was younger,around 40, more professional i guess for an attorney and want to setup a Irrevocable trust right then and there .

Attorney #2 was alot older and was more relaxed, was naela certified. suggested a life estate first but after I had some concerns about the asset being open to the childrens creditors,lawsuits etc. An irrevocable trust was discussed. I guess since it was a free consult he didnt care if we pick him or not.

Number #3 i just did not like.

Now I still dont know which one to pick. #1 was more expensive but I think that an deciding factor. I had to bring up the point to #2 about the life estate downside of creditors being able to get my asset.

also is it necesary to file federal 1041 for the trust?

help

[lwpat]

Just because I don't like life estates, I vote for #1.

[Mr. Knowitall]

What type of irrevocable trust was proposed? A "qualified personal residence trust" (QPRT)?

[tippet5x]

after googling QPRT, it was NOT that. A QPRT was not even discussed. What other irrevocable trust are there, that would help me??? - please tell.

[tippet5x]

on my post #4, I meant to type price is NOT a factor on choosing the attorney.