Anyone here familiar with "Family Trusts"...?

[nilram]

10. It sounds like you're on good terms with your siblings

If so, that’s such a big bonus.

If this is a “Medicare-sparing“ trust, then you should thank your parents foresight. If not, then you may have to prepare for a big bill for Medicare.

Medicare-sparing trusts I think have to be irrevocable and funded five years before the date of needing Medicare. But the details do vary from to state quite a bit. With the one my partner’s mom had, he had discretion to make withdrawals while she was living, and the remainder passed to him when she passed. Their lawyer described it as a “interrupted gift” for tax purposes.

Those are pieces of the landscape of a trust that I’m familiar with, but I thoroughly agree that you need to consult with a lawyer. If not your parents (now maybe the family’s) lawyer then your own. If you have to look for your own lawyer, then besides looking for one who knows about estates, trusts, or wills, they may also describe themselves as specializing in elder law.

Wishing you every blessing in this transition.