Gun collecting and Estate planning

[Steve Hodges]

Originally Posted by Tom Jay

My wife and I are working on our Estate plan with the lawyer and I am curious how others treat their gun collections in their estate planning. We’ll be setting up a revocable trust but not sure whether or not to put the guns in the trust or keep them out. Would like to hear what others have done. Thanks.

You should look long and hard at a "revocable" trust. My folks did the same here in NH and in the end it did nothing to protect there assets. Look into an irrevocable trust. Just do your homework.

[J.B. Books]

Originally Posted by Stephen Hodges

You should look long and hard at a "revocable" trust. My folks did the same here in NH and in the end it did nothing to protect there assets. Look into an irrevocable trust. Just do your homework.

If you are talking about protection of assets so as to make a person eligible for Medicaid be sure to talk to a good lawyer. Many people are under the impression an irrevocable trust offers this protection, it does not always do that. If you maintain the discretion to use the assets as you see fit they are counted as being available to pay for care. Since 2005 assets that one does not have any discretion over are still subject to a five year look back and that look back starts when you apply for Medicaid not when the transfer is made. The law is constantly changing in this area and changes to the benefit of the government not the individual. More and more one must be prepared to spend their assets or have insurance to pay for nursing home care.