I am always asked the question, “Can’t I just give it to my kids.” And my answer always is, “You do not want to do that.”Once you give away your assets, they are no longer yours. Period. They legally belong to whomever you gave them to. And although we always think that will be okay, sometimes things don’t work out that way. What if you give your assets to your children, and then have a bitter fight with them? What if the child you gave it to dies? There are a whole host of scenarios you can think of where you could end up thinking, “I wish I hadn’t done that.” Because the bottom line is, when you give your assets away, you give up all control and access. That is NOT a good idea.
But, at Brightwell Elder and Probate law, we can set up an irrevocable trust for your assets. An irrevocable trust gives you the benefits you sought by gifting (such as trying to become eligible for Medicaid) but lets YOU retain access and control over the assets.
