To help try to simplify legal ideas, they’re often generalized into broad categories to help make them easier to navigate. However, trusts shouldn’t be generalized when it comes to nursing home and long-term care planning.
Trusts are typically categorized as revocable and irrevocable. Revocable trusts can usually be amended, and completely irrevocable trusts cannot be either amended or revoked. As with many parts of the law, the title of the trust is much less important than the substance of the trust rules.
We often organize thoughts and ideas into broad categories. Such generalizations can make life easier to navigate, even though we know there are exceptions to the general rules.
Because of their complexity, legal ideas are frequently generalized in this fashion in attempts to simplify and make things understandable. Trusts, which are simply sets of rules, are often generalized in this way. However, trusts should not be generalized in the context of nursing home/long-term care planning.
Read Lee’s full article on sorting through trust types in the Lima News here: Legal-Ease: Sorting through trust types to create the irrevocable grantor trust
Source: LimaOhio.com, “Legal-Ease: Sorting through trust types to create the irrevocable grantor trust,” by Lee R. Schroeder, August 11, 2018
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.