[WSBAPT] Reality Check

[John J. Sullivan, Esq.]

I have heard that there are "income only trusts" used in other states, but
that they do not work under WA regulations. 

 

John J. Sullivan

 

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Kailei Feeney
Sent: Thursday, June 29, 2023 2:17 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Reality Check

 

I thought eligibility is based on income and not assets, so estate planning
mechanism to "hold" assets is irrelevant?

 

Kailei

Kailei B. Feeney
Attorney-at-Law



3909 California Avenue SW

Seattle, WA 98116-3705                          

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 <mailto:kailei at westseattlelaw.com> kailei at westseattlelaw.com 

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From: wsbapt-bounces at lists.wsbarppt.com
<mailto:wsbapt-bounces at lists.wsbarppt.com>
<wsbapt-bounces at lists.wsbarppt.com
<mailto:wsbapt-bounces at lists.wsbarppt.com> > On Behalf Of Paul Neumiller
Sent: Thursday, June 29, 2023 1:56 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com
<mailto:wsbapt at lists.wsbarppt.com> >
Subject: [WSBAPT] Reality Check

 

New clients tells me that their friends (!!) get free ObamaCare coverage
because the friends put all of their assets into a trust.  Huh?  This
concept was presented this me as a valid reason for establishing a trust
instead of the standard Will.  I have never heard of this and question it.
Anyone heard of this and how close to reality it may be?  

 

 



 

 

 

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