I purchased your highly recommend book and it’s on the way. I have a two-part question. Will the following proposed actions jeopardize the Medicaid asset protection features of an irrevocable grantor trust yet to be set up or cause other Medicaid qualification problems?
Transfer a home in MA, a vacation cottage, and cash funds into an irrevocable, income-only grantor trust. 1.) Use the cash in the trust to pay mortgage, real estate taxes, and home improvements. 2.) Use proceeds from the sale of cottage in 5-6 years for real estate taxes or possibly emergency gifts to beneficiaries (adult children). The trust will have little or no income other than the modest capital gain on sale of cottage. Your comments would be appreciated. BBB
