This is a bit of a complex question. If you create a trust during your lifetime and it holds property that you used to own, and that property generates income, then you will have to pay taxes on the income on your personal income tax. In this case, the trust does not pay tax on its own.

If, on the other hand, a trust is irrevocable, meaning you can’t change it, and so this happens when the person who created the trust passes away, then the trust will have to pay taxes on the income that is generated by the trust assets. If you have more questions about taxable income for a trust, please reach out and contact us.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.

We recommend that anytime there’s a major life change, you review and possibly update your estate plan. The major life changes are birth in the family, death in the family, marriage, divorce or bankruptcy.

In the absence of one of these majorlife changes, we recommend that you sit down with an estate planning attorney every three years. Now, there are exceptions to this rule.

If you are a young parent and have young children, your life is going through a lot of dynamic changes. In that case, we recommend that you sit down once every year.

If you are elderly and perhaps looking to transition to an assisted living facility or another community, we also recommend that you sit down once a year.

So for most people, it’s every three years, and it’s also when a major life change happens. For certain groups of people, it’s every year.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.

The answer is yes. In most instances, an additional trustee can be added to an existing trust. Now, this will be governed by the trust language of the trust document itself.

Usually the trustee is empowered to delegate authority to a co-trustee. If you’re the person who created the trust, you could always amend the trust and add an additional trustee to the trust.

If you have questions about adding or changing the trustee of your trust, please give us a call.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.

Now, this actually asks two separate questions.

The first is if you are named as an executor under a will or if you’re named as a successor trustee under a trust, can you be forced to serve in those roles? And the answer, of course, is no. You are not required to serve as either an executor under a will or a successor trustee under a trust if you do not want to.

The second part of the question is if you are named as a beneficiary under a will or a beneficiary under a trust, are you required to inherit property under those instruments? And the answer, of course, is no. You are not required to accept property from somebody you do not want to. And so you can sign a document called a disclaimer, where you are giving up your interest in the inherited property so that the property technically never even comes into your hands or ownership.

I’m Matthew Crider, and this has been the quick question corner. If you enjoyed this video, please like this page.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.

One of the questions I get is how can I protect my assets from medical? Now, typically this involves medical for long-term care for a senior or elder. And the question comes up of how can someone who has assets that otherwise might make them ineligible for medical, structure their assets in such a way so that they can get qualified for medical?

Well, that’s the type of planning that we do. Under the umbrella term of Elder law, we help families and individuals plan so that they can get qualified for medical.

If you have any questions, please feel free to reach out to us and we’ll be happy to talk with you. I’m Matthew Crider and this has been the Quick Question Corner.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.

One of the questions I get is “Is it necessary to take care of your elderly parents as they age? And the answer is, of course no. But this raises the question of who will take care of your parents as they age and how will it be paid for?

In this country, we have a system of a variety of different levels of care for elderly people. This ranges from independent living apartments all the way to skilled nursing care. Now, the question of who pays for it is an important one. In this country, we do not have a solid social safety net for our elderly citizens. And so what that means is that there are typically three ways to pay for elderly care and long term care.

The first is that the elder, the senior, uses his or her assets to pay for nursing home care. The second is that if the senior has long-term care insurance and that long-term care insurance is activated, they could then use that long-term care insurance to pay for the cost of care. The third way is that they protect their assets so that they get qualified for medical for long term care or certain VA benefits such as aid and attendance benefits.

Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.