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  1. #1
    Join Date
    Nov 2008
    Posts
    7

    Default Setting Up a Life Estate or Living Trust

    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

  2. #2
    Join Date
    Nov 2008
    Posts
    7

    Default Re: Setting Up a Life Estate or Living Trust

    i meant to type Medicaid

  3. #3

    Default Re: Setting Up a Life Estate or Living Trust

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

  4. #4
    Join Date
    Nov 2008
    Posts
    7

    Default Re: Setting Up a Life Estate or Living Trust

    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

  5. #5

    Default Re: Setting Up a Life Estate or Living Trust

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

  6. #6
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Setting Up a Life Estate or Living Trust

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

  7. #7
    Join Date
    Nov 2008
    Posts
    7

    Default Re: Setting Up a Life Estate or Living Trust

    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.

  8. #8
    Join Date
    Nov 2008
    Posts
    7

    Default Re: Setting Up a Life Estate or Living Trust

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

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