<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class="">Hi Jim,<div class=""><br class=""></div><div class="">I was just at an NBI Elder Law CLE on this topic last Friday, and one of the very informed speakers said at some point, don’t use life estates. Unfortunately I don’t know exactly what he was saying, because I had missed much of the day’s speakers and wasn’t following the discussion very well. If folks on the list don’t have the answer, you could check with David Kazemba in Wenatchee, the speaker.</div><div class=""><br class=""></div><div class=""><br class=""><div apple-content-edited="true" class="">
<span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Calibri; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: -webkit-auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; "><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Calibri; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: -webkit-auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; " class=""><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Calibri; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: -webkit-auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; " class="">Krista J. MacLaren<br class="">Attorney at Law<br class="">Northgate Executive Center II<br class="">9725 3rd Ave NE, Suite 600<br class="">Seattle, WA 98115<br class="">(206)523-6116<br class=""><a href="mailto:kjm.inc@mac.com" class="">kjm.inc@mac.com</a><br class=""><br class="">Please note, as with most email providers, Mac does not encrypt email messages. Accordingly, the confidentiality of messages sent to this address cannot be assured. This e-mail is intended for viewing only by the individual or entity to whom its content is addressed, and it may contain confidential or privileged information. If you received this email in error, please honor the privacy of the intended recipient: reply to the sender regarding the error and delete the message. <br class=""></div></span></div></span></span>
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<br class=""><div><blockquote type="cite" class=""><div class="">On Nov 17, 2015, at 10:22 AM, Jim Doran <<a href="mailto:jim@doranlegal.com" class="">jim@DORANLEGAL.COM</a>> wrote:</div><br class="Apple-interchange-newline"><div class=""><div dir="ltr" class=""><div class=""><div class=""><div class=""><div class=""><div class=""><div class=""><div class=""><font size="4" class="">Hello Listmates:<br class=""><br class=""></font></div><font size="4" class="">I know this is a common question and I also know that there is tension in the law regarding how and even "if" this can be done. I have a client that is asking the question in a pretty straightforward manner. I think this issue goes to the lack of progress in our society concerning health care and dying.<br class=""><br class=""></font></div><font size="4" class="">H & W, both in their early 70s, want to put their significant assets, two pieces of real estate and probably a third very valuable one that they will receive as an inheritance from mother, into a trust to protect them from the Medicaid asset requirements for eligibility and from the spend-down and recoupment provisions of medicaid. I would imagine the protection from creditors in general is also part of the concept.<br class=""><br class=""></font></div><font size="4" class="">The concept is to put the assets into an irrevocable trust that gives them a life estate in the property they choose to live in. The trust would direct that the remainder at the death of the second trustor would go to the children in a typical scheme. H & W would keep some assets, such as investment funds and some cash and regular monthly income, out of the trust to live on. Those assets would not be protected.<br class=""><br class=""></font></div><font size="4" class="">One question for them is, who will be the Trustee? This is an irrevocable trust so you better choose wisely.<br class=""><br class=""></font></div><font size="4" class="">For me, the question is whether this can be done at all and how it can be done. I am aware of the five year look-back provisions so we want to do this asap.<br class=""><br class=""></font></div><font size="4" class="">I do have access to the desk books and other library sources. If someone can point me in the right direction, give me the right name for this kind of trust, or send me a model, it would be appreciated.<br class=""><br class=""></font></div><font size="4" class="">Jim Doran</font><br class=""><div class=""><div class=""><div class=""><div class=""><div class=""><div class=""><br class=""><div class=""><div class=""><br clear="all" class=""><div class=""><div class="gmail_signature"><div dir="ltr" class=""><div class=""><div class=""><div class=""><div class=""><div class="">James R. Doran<br class=""></div>Attorney at Law<br class=""></div>100 E. Pine Street - Suite 205<br class=""></div>Bellingham, WA 98225<br class="">(360)393-9506<br class=""></div><a href="mailto:jim@doranlegal.com" target="_blank" class="">jim@doranlegal.com</a><br class=""></div><a href="http://www.doranlegal.com/" target="_blank" class="">www.doranlegal.com</a><br class=""></div></div></div>
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