There are many different kinds of revocable living trusts out there. It’s not really important that you understand much about all the difference kinds, but it is important that you understand what kind you have. This article is focused on trusts for married couples, and in particular on what the trust says must happen when the first spouse dies. There…
One of the things we do at Absolute Trust Counsel is assist families with a disabled senior to preserve assets and also become eligible for Medi-Cal assistance to help them pay for nursing home care. One of the tools we often use to do this type of planning is an irrevocable trust. We also sometimes have to help families who…
Once a trust becomes irrevocable, either because it was originally created that way or because an event has occurred, such as the death of the grantor, that causes the trust to be irrevocable, we are pretty much stuck with that trust as it is, right? I mean, irrevocable means irrevocable, doesn’t it? Not necessarily. Trusts that are irrevocable can sometimes be…
Linda sank down into an armchair and pulled off her hat. “I hate funerals and this one was really tough. I am really going to miss Aunt Millie.” Her sister, Mary, sighed. “I know. But I’m glad we could be there for her, her being all alone after Uncle Fred died.” “But now the hard work begins,” Linda said. “Aunt…
Angela stared into her coffee cup and shook her head. “I don’t know what to do, Fred. Mom’s nursing home is threatening to kick her out because her Medicare coverage has run out.” Fred frowned. “But she qualified for Medi-Cal. Did you tell them that?” Angela nodded. “Yes, I did. The nursing home administrator told me that they have a…
Mary read the trust document again. “This can’t be right,” she said, shaking her head. “Why would Grandpa change the terms of his trust and leave such a large amount of money to this religious group? I’ve never even heard of this organization. Our kids were supposed to benefit from his trust. He always made that clear. This makes no…
Ellen glared at her former daughter-in-law, Lola, and sputtered, “You want to do what?” “I want to use the sperm Robert stored before he died to conceive a child. I mean, he froze it after he was diagnosed with cancer so we could have children. We never anticipated that he would die. But it’s still sitting there, and I want…
