Minneapolis, MN asked in Estate Planning for Minnesota

Q: Can I leave all my property to my children and protect from creditors, hospitals...etc.

Related Topics:
1 Lawyer Answer
Scott Maki
Scott Maki
Answered
  • Estate Planning Lawyer
  • Moorhead, 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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.