Definitely need to see a CPA for this tax advice. Many possible complications.
The Trust does and it becomes a deduction on the Trust's tax return.
http://en.allexperts.com/q/Real-Estate-Home-1842/Refinancing-Trust.htm
The nursing home can only take it if it has been less than 5 years since the Trust was established.
Setting up an Irrevocable Funeral Trust Final Expense plan can now be done by attorneys, financial planners, insurance agents and funeral consultants. With the funeral trust being offered by the attorney, financial planner, insurance agent or funeral consultant, the senior doesn't have to go to the funeral home. In the comfort of their own homes, they can sign an irrevocable funeral trust that is funded with a single payment life policy.
No....If the home was in a irrevocable or trust life estate and that person died or in the case of the irrevocable trust there still alive and your the benaficairy the trustee can keep you out, but eventually depending on what the terms of the estate are turn the trust or estate over to you. Seek the advice of a probate attorney.
Trust law is extremely complicated. And yes, an improperly drafted trust can leave your property exposed to creditors and taxes. A revocable trust implies that you maintained some control over the property. That may cause the property to be exposed to creditors. The surest way to protect property is with an irrevocable trust. You should consult with an attorney who specializes in trust law and tax law.
It depends on how the trust is drafted. A properly drafted irrevocable trust, in Florida, will be invisible to Medicaid (Medicare doesn't factor assets into whether or not one is qualified the way Medicaid does). However, transfers of assets into the trust must be done 5 years before applying to medicaid or medicaid will assess a transfer penalty (this is referred to as the "five year lookback"). The transfer penalty is a period of ineligibility for certain medicaid benefits depending on the size of the transfer. As a result, irrevocable trust planning would not be appropriate for all Medicaid planning scenarios.
You need to discuss that with your lender. Some lenders are reluctant to finance real property owned by a trust. It is permissible according to Fannie Mae underwriting guidelines.
You should report having a dependant in the home.
You need to review the language in the document that created the trust for your answer. ALL the provisions of a trust and the powers of the trustee must be set forth in the trust document. You would be looking for the section dealing with trustees powers and under that the power to sell and convey real estate.
yes
Answer: Several years before the move to a nursing home becomes likely, you would need to convey it to family member (son or daughter?) or place it in an irrevocable trust. You need to consult an attorney regarding estate planning.