The Trust Mistakes That Can Cost Families Later
Trusts can help families avoid probate, reduce estate taxes, and protect assets from long-term care costs, but using the wrong type of trust can create major tax problems and leave families with less control than they expected.
In this episode of The Legal Exchange with Todd Lutsky, Todd and Susan Powers break down the differences between revocable trusts, Medicaid irrevocable trusts, life insurance trusts, nominee realty trusts, special needs trusts, and sole benefit trusts. They explain why families should not try to apply for Medicaid on their own, how the five-year look-back period works…
The skinny
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