QUESTION
How do I set my home and land in a living trust?
Asked on Dec 22nd, 2020 on Trusts and Estates - Ohio
More details to this question:
My property is paid off and I would like to protect it from any past sins, so to speak. I'd like to know what is the best way to do that.
1 ANSWER
Asset Protection and Medicaid Planning Attorney serving Cuyahoga Falls, OH
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Legacy Law Firm, LLC
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Hello Scott. The answer really depends on what you're concerns are, and the status of any outstanding obligations. Generally speaking, a living trust does not protect assets, however, there may be other options available to you, including the use of an irrevocable trust. You also need to take into consideration the Ohio fraudulent transfer Act. (Ohio Revised Code Ch. 1336).
I suggest you meet with an elder law attorney locally to take a closer look at your situation.
Answered on Dec 28th, 2020 at 6:37 AM