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Old 12-13-2016, 12:30 PM
 
91 posts, read 76,094 times
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What is a pour-over trust (not a pour-over will). I'll figure out a pour-over will after I figure out what a pour-over trust is. Helpppp please.
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Old 12-13-2016, 12:34 PM
 
3,348 posts, read 3,052,428 times
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What Is a Pour Over Trust?


What would the use be?


Note: Unless incapacitated, you cannot receive or distribute assets from the pour over trust without revoking it. If you need a certain level of liquidity during the life of the trust, placing all or a substantial amount of assets into the pour over trust may not be the best option.
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Old 12-13-2016, 01:20 PM
 
91 posts, read 76,094 times
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Quote:
Originally Posted by N.Cal View Post
What Is a Pour Over Trust?


What would the use be?


Note: Unless incapacitated, you cannot receive or distribute assets from the pour over trust without revoking it. If you need a certain level of liquidity during the life of the trust, placing all or a substantial amount of assets into the pour over trust may not be the best option.
I don't understand. The particular agency I am interested in donating to has an irrevocable trust provision and it offers payout each year, not much, but something.
Can I donate money to a non-profit agency in an irrevocable trust-pour-over trust type thing? I want to donate a few thousand dollars to a non-profit as a gift but am afraid the 5-year rule will come into play with Medicaid should I need help later on. I would not be able to take the principle out. Apparently I would get income from the trust fund, but not much. However, I still want to donate. But I wonder if this will be held against me for the 5-year Medicaid asset business. I hope you understand my question; I can hardly figure anything out.
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Old 12-16-2016, 03:08 AM
 
Location: Central Massachusetts
4,800 posts, read 4,850,322 times
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You need to ask a lawyer.
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Old 12-16-2016, 06:34 AM
 
3,348 posts, read 3,052,428 times
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Quote:
Originally Posted by golfingduo View Post
You need to ask a lawyer.
Exactly. And ask a lawyer who does trust and state work not just a general practice lawyer. Most state bar organizations should have a search function on their website to identify lawyers in particular practice areas.
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Old 12-16-2016, 07:09 AM
 
Location: Florida
4,366 posts, read 3,706,500 times
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Quote:
Originally Posted by Shleptik View Post
I don't understand. The particular agency I am interested in donating to has an irrevocable trust provision and it offers payout each year, not much, but something.
Can I donate money to a non-profit agency in an irrevocable trust-pour-over trust type thing? I want to donate a few thousand dollars to a non-profit as a gift but am afraid the 5-year rule will come into play with Medicaid should I need help later on. I would not be able to take the principle out. Apparently I would get income from the trust fund, but not much. However, I still want to donate. But I wonder if this will be held against me for the 5-year Medicaid asset business. I hope you understand my question; I can hardly figure anything out.
I do not understand your situation but when you used the word irrevocable I do not think you fully understand what is going on and you should consult with an elder attorney to review your estate plan.

Irrevocable would mean you are giving your assets to the non profit. Then they are paying you a little bit of your money back each year. This is probably a charitable annuity arrangement and can be very good for large estates or to handle specific problems. You would also be getting a charitable tax deduction on your income tax return. Do you need it?

If you need a steady stream of income look into immediate annuities from some one like Vanguard or Fidelity. Check their web site.
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Old 12-18-2016, 08:00 PM
 
Location: Native Floridian, USA
4,904 posts, read 6,121,449 times
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When my children were young and I was a single parent, I had a Pour Over Trust with a local bank's retirement and investment dept. I took out several life insurance policies on myself with the Trust as beneficiary. If I died, the assets would be poured over into the trust. The trust documents spelled out what could an couldn't be done and the children would receive their portion when they reached age 21. It was, of course, administered by the bank. The trust was empty until I died.


That is my understanding in my particular situation. I do not remember if the trust was revocable or irrevocable. My children are now in their 40's and 50's and the situation is no longer valid.
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