What They Say About Us
- Do make all transfers to your trust, as advised by the elder law firm, in a timely manner.
- Do take dividends and income on trust assets on at least a quarterly basis (if not, they are considered
additions to principal and create a new look-back on the money not taken every year). - Do contact the elder law firm when you wish to make a gift from the trust to any of your beneficiaries.
- Do contact the elder law firm when a Grantor needs Medicaid benefits or dies.
- Do contact the elder law firm when personal or financial circumstances change significantly.
- Do contact the elder law firm if you wish to change trustees or undo the trust.
- Do provide your homeowner’s insurance company with the “letter of instruction”, including a
copy of the trust for real property transferred to the trust, to add the trustees as
“additional insureds” (supplied by the law firm). - Do provide your CPA or tax preparer with the “letter of instruction” regarding the trust tax
return (supplied by the law firm). - Do choose your trustee carefully to avoid the expense (and unpleasantness) of changing
the trustee. - Do contact the elder law firm if you want to refinance, take a reverse mortgage or take out a home
equity line of credit (“HELOC”) on real property in the trust. - Do use trust assets to make major repairs and improvements on Grantor’s residence or rental property.
