1 Comment

If a person needs  care in a facility and does not have enough money their assets can be drained. Anything transferred five years before is exempt. Does the land trust need to be non revocable to meet this test of the Government?

Randy Hughes Posted new comment October 17, 2021

If you put the property into a trust (revocable or irrevocable) and make someone else the beneficiary, you have effectively given the beneficiary the equity in the property. While this would help with diminishing the Grantor’s estate, it could also create a gift tax for the Beneficiary/receiver of the “gift.”