Minneapolis, MN asked in Estate Planning for Minnesota

Q: What need to be done to protect my property from state.

I have one house and one town home. I want to make sure that 100% of my property will go to my children only. Not to the state or medical bills or creditors.

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1 Lawyer Answer

Scott Maki

Answered
  • Estate Planning Lawyer
  • Marble, MN
  • Licensed in Minnesota

A: Thank You for your question. The best way to ensure your heirs inherit your property while protecting it from creditors - especially medical providers and the like, is to transfer it into an Irrevocable Trust.

The Trust will then own the property, not you. This is important because if you have any control over the property, then you creditors will have access to it as well.

Please note, even if you tranfer ownership of your property into an Irrevocable Trust, you can still retain the right to live in, use and enjoy your property for the remainder of your lifetime.

Also, for this to be most effective, the Irrevocable Trust needs to be established and the property transferred into it at least 5 years before entering a long-term healthcare facility (assisted living/nirsinf home) where you would Minnesota Medicaid.

If you need further assistance, please see my Justia profile for the link to my website and contact info.

Thanks again for your question and best wishes. I hope I was of assistance.

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