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Re: Reverse Mortgages
Posted by Sonja of ? on 5/13/05 2:03pm Msg #37552
In my opinion, an irrevocable trust and a lease for $1.00 a year (to the trustee's) til death or having to go into a Nursing home, would save assests.
I've seen where some people have had revocable trusts, and they have gotten sick and had to go into the hospital. The doctors have made the person, revoc the trust and pay them. So an irrevocable trust would protect assests.
However, you had better trust whomever you make "trustee (s)" - because they could throw your butt out of your own house if it isn't done correctly.
Also, if you go into a Nursing Home or Assisted Living type situation, Medicare and Medicaid would pay, instead of coming out of your assests.




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Messages in this Thread
 Reverse Mortgages - Carol_SoCal on 5/13/05 1:01pm
 Re: Reverse Mortgages -  SamIam_CA on 5/13/05 1:12pm
 Not a good choice for family - Melody on 5/13/05 1:20pm
 Re: Reverse Mortgages - Mike/NJ on 5/13/05 1:29pm
 Re: Reverse Mortgages - Sonja on 5/13/05 2:03pm
 Correct re Trustee/Estate. Not quite correct re Medicare. - Melody on 5/13/05 4:22pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - Sonja on 5/13/05 5:34pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. -  BrendaTX on 5/13/05 6:28pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - Sonja on 5/13/05 7:00pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - BrendaTX on 5/13/05 7:11pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. -  SamIam_CA on 5/13/05 7:21pm
 Thanks, Sam...I should have said: -  BrendaTX on 5/13/05 7:38pm
 Being blunt: -  BrendaTX on 5/13/05 7:54pm
 Re: Being blunt: I think you said it just right n/m -  SamIam_CA on 5/14/05 11:40am
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. - Sonja on 5/13/05 8:00pm
 What started out as questions and exchanges of ... - Ernest_CT on 5/13/05 9:44pm
 Re: What started out as questions and exchanges of ... - Sonja on 5/14/05 11:40am
 Last.... - Sonja on 5/14/05 12:21pm
 Re: Last.... -  BrendaTX on 5/14/05 12:32pm
 Re: Last.... -  SamIam_CA on 5/14/05 12:36pm
 Would you kindly... - Sonja on 5/14/05 1:02pm
 Sam... -  BrendaTX on 5/14/05 1:47pm
 You make perfect sense to me - now go enjoy the weekend! n/m -  SamIam_CA on 5/14/05 2:13pm
 Re: You make perfect sense to me - now go enjoy the weekend! n/m -  BrendaTX on 5/14/05 2:48pm
 As the poster knows... -  BrendaTX on 5/14/05 12:27pm
 Think what you want n/m - Sonja on 5/14/05 1:03pm
 Re: Correct re Trustee/Estate. Not quite correct re Medicare. -  HisHughness on 5/14/05 5:43pm
 Good estate planning tool... - Bobbi in CT on 5/13/05 2:28pm
 Re: Good estate planning tool... - Carol_SoCal on 5/13/05 2:37pm
 Re: Good estate planning tool... - Kevin Ahern on 5/13/05 4:32pm
 No one recommends Reverse Mtg as investment tool ... - Bobbi in CT on 5/13/05 7:17pm
 Re: Reverse Mortgages - PeterL_CA on 5/13/05 7:51pm
 Re: Reverse Mortgages - ERNA_CA on 5/14/05 2:19pm



 
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