LakeRat1
Recycles dryer sheets
Thanks for the quick reply .... You are correct about incapacitation is what I am talking about ...... Should this happen, I do not want the facility or government to have control over our Assets (property or $$$)...... Does having the revocable trust cover this, after 5 years or something like that ??$3k isn't bad, my uncle paid a little more for estate planning a few months ago.
Ypu don't necessarily need the trust. Florida allows enhanced life estate deeds on properties and Kansas allows TOD deeds and both of these function similiar to benefaries.
Your daughters definitely should NOT be on the deed. If they get sued and lose then your properties are at risk.
Nothing happens to your assets if you go into assisted living. Many competent seniors go into assisted living for convenience... they can still handle their finances but prefer to have their meals made for them. I think your question is more what happens to your assets if you become incapacitated and unable to manage your financial affairs. The trust is a bit better if you are incapacitated because you can have provisions for your co-trustee to take over if you can no longer handle your financial affairs. That is why for my uncle we put not only his property but also his taxable brokerage account into trust. He and I are co-trustees. He has the wheel on managing his finances until he can't... at which point I step in and manage the assets for him.