A common misconception about trusts is the belief that you can create and put your assets into a trust to protect those funds should you have to apply for medical assistance in the future. Generally speaking, this is not true, there are very limited types of trusts where that applies and they have to be pre-approved by the county’s medical assistance department. This means that the funds you put into trusts are often not excluded from your assets when you apply for medical assistance. If you believe you need a trust, you should reach out to an attorney at the Melchert Hubert Sjodin law firm for clarification on whether you need a trust and if so, what type of trust is best for your situation. Attorney Lisa Hill shares general information regarding misconceptions about trusts and the advantages of consulting with an estate planning attorney in this interview on KDUZ 1260 AM’s show “Legal Update.”
Lisa Hill is an attorney with Melchert Hubert Sjodin at the Hutchinson, Minnesota office. Lisa’s extensive legal experience includes estate planning, civil litigation, family law, real estate, and business law. To discuss your specific situation, contact our estate planning team at Melchert Hubert Sjodin at 320.587.2046.