Funding your Revocable Living Trust

Did you know that once your living trust is written, the most important work is yet to be done?  The next step is called “trust funding.”  Trust funding includes creating a new deed for your real estate so that the owner of the real estate is your trust, and changing the titles of your bank and brokerage accounts so that they are in the name of the trust.  If these steps are not taken both when you create the trust and when you purchase any new assets, your trust planning be defective and your estate may need to go through the probate court at the time of your passing.  When you create a living trust with Lake Oswego Elder law, we will make sure your assets are correctly titled to avoid probate.

One major exception is retirement accounts.  The majority of Individual Retirement Account and Tax Sheltered Annuity policies require that those accounts be held in the name of the individual, not the trust.  Otherwise, the significant income tax benefits to holding those types of accounts could be lost.

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Lake Oswego Adult Community Center presentation Sunday, October 20

Please join me and other elder care professional for “Successful Transitions in Retirement and Later Life” on Sunday, October 20, 2013 from 1:00 – 5:00 p.m. at the Lake Oswego Adult Community Center, 505 G Avenue, Lake Oswego.  In addition to elder law, you will learn about gerontoloty, long-term care options, geriatric care managers and more.  There will be a question and answer session afterwards and I will be happy to answer your questions about revocable living trusts, guardianships, conservatorships, probate and Medicaid planning.

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Medicaid Benefits for Married Couples: July 2012 update

Medicaid benefits for long-term care are available for married persons without requiring that both become impoverished, and allow the well spouse to keep the house, car and at least  $22,000.00 while the other is in long-term care.   Effective July 1, 2012, the Medicaid progam also allows the well spouse to keep a minimum of $1,892 of the couple’s income.  This can be increased by up to $567 if the spouse living at home has excess household expenses, such as a mortgage, and can be increased even higher by court order.

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Elder Abuse Awareness Day

June 15, 2012 is Elder Abuse Awareness Day.  In Oregon, financial abuse of the elderly by a caregiver is a crime, even if the elderly person consented to give the caregiver their money (or their house, or their stock account, etc.,).  Criminal Mistreatment in the first degree is a class c felony.

If you suspect that an elderly person is being financially abused in Oregon, please call Adult Protective Services at 1-800-232-3020.  Your report will be confidential.

The relevant portion of Oregon’s Criminal Mistreatment statute follows:

      163.205 Criminal mistreatment in the first degree. (1) A person commits the crime of criminal mistreatment in the first degree if:

      (b) The person, in violation of a legal duty to provide care for a dependent person or elderly person, or having assumed the permanent or temporary care, custody or responsibility for the supervision of a dependent person or elderly person, intentionally or knowingly:

      (D) Hides the dependent person’s or elderly person’s money or property or takes the money or property for, or appropriates the money or property to, any use or purpose not in the due and lawful execution of the person’s responsibility;

      (E) Takes charge of a dependent or elderly person for the purpose of fraud; or

      (2) As used in this section:

      (b) “Dependent person” means a person who because of either age or a physical or mental disability is dependent upon another to provide for the person’s physical needs.

      (c) “Elderly person” means a person 65 years of age or older.

      (d) “Legal duty” includes but is not limited to a duty created by familial relationship, court order, contractual agreement or statutory or case law.

      (3) Criminal mistreatment in the first degree is a Class C felony. [1973 c.627 §3; 1981 c.486 §1; 1993 c.364 §2; 2005 c.708 §1]

 

     

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